Question: In 2 0 2 3 , Dudley contributed land to the Prosperity LLC . His basis in the land was $ 1 0 0 ,
In Dudley contributed land to the Prosperity LLC His basis in the land was $ The fair market value at the contribution date was $ In the LLC distributes other property with an adjusted basis of $ and fair market value of $ to Dudley. Dudley's basis in his LLC interest was $ immediately before the distribution.
As a result of the distribution in how much gain does Dudley recognize, how much is his basis in his LLC interest after the distribution, and how much is the LLCs basis in the land Dudley originally contributed?
Dudley recognizes gain of $fill in the blank
His basis in his LLC interest is $fill in the blank
after the distribution and the LLCs basis in the land Dudley originally contributed is now $fill in the blank
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