Question: When Padgett Properties LLC was formed, Nova contributed land ( value of $ 3 2 7 , 0 0 0 and basis of $ 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. 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?
For 704(b) book capital account purposes, Padgett records the land at $

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