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 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, Padgett records the land at $ .

b. What is Padgett's tax basis in the land? $

c. If Padgett sells the land several years later for $369,000, how much tax gain will Nova and Oscar report?

Nova Reports $ Gain and oscar gain is$