Exercise 21-20 (Algorithmic) (LO. 8) When Padgett Properties LLC was formed, Nova contributed land (value of $327,000 and basis of $81,750 ) and $163,500 cash, and Oscar contributed cash of $490,500. Both members received a 50% interest in LLC profits and capital. a. How is the land recorded for 704(b) book capital account purposes? For 704(b) book capital account purposes, Padgett records the land at $. Feedback Check My Work b. What is Padgett's tax basis in the land? Feedback Check My Work c. If Padgett sells the land several years later for $490,500, how much tax gain will Nova and Oscar report? Nova reports a \$ X gain and Oscar's gain is $