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 S 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