Question: When Padgett Properties LLC was formed, Nova contributed land ( value of $ 3 4 0 , 5 0 0 and basis of $ 8

When Padgett Properties LLC was formed, Nova contributed land (value of $340,500 and basis of $85,125) and $170,250 cash, and Oscar contributed cash of $510,750. Both members received a 50% interest in LLC profits and capital.
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a.How is the land recorded for 704(b) book capital account purposes?

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