Question: In 2 0 2 3 , Dudley contributed land to the Prosperity LLC . His basis in the land was $ 1 0 0 ,

In 2023, Dudley contributed land to the Prosperity LLC. His basis in the land was $100,000. The fair market value at the contribution date was $115,000. In 2024, the LLC distributes other property with an adjusted basis of $60,000 and fair market value of $90,000 to Dudley. Dudley's basis in his LLC interest was $50,000 immediately before the distribution.
As a result of the distribution in 2024, how much gain does Dudley recognize, how much is his basis in his LLC interest after the distribution, and how much is the LLC's basis in the land Dudley originally contributed?
Dudley recognizes gain of $fill in the blank 1
15,000
. His basis in his LLC interest is $fill in the blank 2
5,000
after the distribution and the LLC's basis in the land Dudley originally contributed is now $fill in the blank 3
115,000
.

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