Question: When Padgett Properties LLC was formed, Nova contributed land ( value of $ 3 0 0 , 0 0 0 and basis of $ 7

When Padgett Properties LLC was formed, Nova contributed land (value of $300,000 and basis of $75,000) and $150,000 cash, and Oscar contributed cash of $450,000. Both members received a 50% interest in LLC profits and capital.
Question Content Area
a.How is the land recorded for 704(b) book capital account purposes?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

1. When Padgett Properties LLC was formed, Nova contributed land (value of $200,000 and basis of $50,000) and $100,000 cash, and Oscar contributed cash of $300,000. Both members received a 50%...

Q:

1. When Padgett Properties LLC was formed, Nova contributed land (value of $200,000 and basis of $50,000) and $100,000 cash, and Oscar contributed cash of $300,000. Both members received a 50%...

Q:

Exercise 21-20 (Algorithmic) (LO. 8) When Padgett Properties LLC was formed, Nova contributed land (value of $273,000 and basis of $68,250) and $136,500 cash, and Oscar contributed cash of $409,500....

Q:

When Padgett Properties LLC was formed, Nova contributed land (value of $268,500 and basis of $67,125 ) and $134,250 cash, and Oscar contributed cash of $402,750. Both members received a 50% interest...

Q:

When Padgett Properties LLC was formed, Nova contributed land (value of $246,000 and basis of $61,500) and $123,000 cash, and Oscar contributed cash of $369,000. Both members received a 50% interest...

Q:

Exercise 21-20 (Algorithmic) (LO. 8) When Padgett Properties LLC was formed, Nova contributed land (value of $327,000 and basis of $81,750 ) and $163,500 cash, and Oscar contributed cash of $490,500....

Q:

Exercise 21-20 (Algorithmic) (LO. 8) When Padgett Properties LLC was formed, Nova contributed land (value of $273,000 and basis of $68,250) and $136,500 cash, and Oscar contributed cash of $409,500....

Q:

Exercise 21-20 (Algorithmic) (LO. 8) When Padgett Properties LLC, was formed, Nova contributed land (value of $318,000 and basis of $79,500) and $159,000 cash, and Oscar contributed cash of $477,000....

Q:

Exercise 21-21 (LO. 8) When Padgett Properties LLC was formed, Nova contributed land (value of $200,000 and basis of $50,000) and $100,000 cash, and Oscar contributed cash of $300,000. Both members...

Q:

Exercise 21-21 (LO. 8) When Padgett Properties LLC was formed, Nova contributed land (value of $200,000 and basis of $50,000) and $100,000 cash, and Oscar contributed cash of $300,000. Both members...

Q:

Q#1 Find the elementary row operation that transform the first matrix in to the second, and then find the reverse row operation that transforms the second matrix into first. [0 5 -31 [1 5 -2] 1 5 -2...

Q:

Which is the more correct statement: "The methane molecule (CH4) is a tetrahedral molecule because it is sp3 hybridized" or "the methane molecule is sp3 hybridized because it is a tetrahedral...

Q:

XQuestion 2 [ 2 0 marks ] A . Sargassum Bank speculates that the Swiss Franc will depreciate against the dollar from its spot rate of \ ( \ $ 1 . 1 0 \ ) to \ ( \ $ 1 . 0 7 \ ) in 6 0 days. The...

Q:

Solve B. 6a2-23a +20. a +2 2a2-a-10 2a-5