Problem 10-41 (LO. 3, 7, 8, 9) Phoebe and Parker are equal members of Phoenix Investors LLC. They are real estate investors who formed the LLC several years ago with equal cash contributions. Phoenix then purchased a piece of land. On January 1 of the current year, to acquire a one-third interest in the entity, Reece contributed to the LLC some and she had held for investment Reece purchased the land five years ago for $75,000; its fair market value at the contribution date was $90,000. No special allocation agreements were in effect before or after Reece was admitted to the LLC Phoenix holds all land for investment. Immediately before Reece's property contribution, the balance sheet of Phoenix Investors LLC was as follows Basis FNV FNV $180,000 Land 330,000 Phoebe, capital Parker, capital $15,000 15,000 $90,000 90,000 S180,000 $30,000 $180.000 $30,000 a. Ar the contribution date what s Reece's basis in her interest in the LLC? 75,000 b. When does the LLC's holding period begin for the contributed land? ago F On June 3 of the current year, the LLC sold the land contributed by Reece for $90,000 How much is the conced gain or loss? HOW is it allocated among the LLC members The recognized gain is 15,000 and this gain is located d. On June 30 of the current year, the LLC sold the land contributed by Reece for $90,000. Complete the balance sheet reflecting the basis and fair market value for the LLC immediately after the land sale. No other transactions occurred during the tax year. Assets Basis FMV Partners' Capital Basis Cash Interest, Phoebe Land Interest, Parker Interest, Reece Total