Exercise 21-21 (LO. 8) When Padgett Properties LLC was formed, Nova contributed land (value of $200,000 and basis of $50,000) and $100,000 cash, and Oscar contributed cash of $300,000. 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 $ b. What is Padgett's tax basis in the land? c. If Padgett sells the land several years later for $300,000, Nova reports a $ gain and Oscar's gain is $