When Goodman Biotech LLC was formed, Ezra contributed land (value of $198,000 and basis of $172,000) and $28,000 cash, and Liam contributed a patent (value and basis) of $226,000. 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, Goodman Biotech records the land at $_________.

b. What is Goodman Biotech's tax basis in the land? $_________.

c. If Goodman sells the land several years later for $408,000, Ezra reports a $_________ gain and Liam's gain is $_________.