Question: When Padgett Properties LLC was formed, Nova contributed land ( value of $ 2 9 5 , 5 0 0 and basis of $ 7

When Padgett Properties LLC was formed, Nova contributed land (value of $295,500 and basis of $73,875) and $147,750 cash, and Oscar contributed cash of $443,250. Both partners received a 50% interest in partnership profits and capital.
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a.How is the land recorded for 704(b) book capital account purposes?

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