Question: When Padgett Properties LLC was formed, Nova contributed land (value of $255,000 and basis of $63,750) and $127,500 cash, and Oscar contributed cash of $382,500.

When Padgett Properties LLC was formed, Nova contributed land (value of $255,000 and basis of $63,750) and $127,500 cash, and Oscar contributed cash of $382,500. Both members received a 50% interest i...

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