Question: When Padgett Properties LLC was formed, Nova contributed land (value of $286,500 and basis of $71,625) and $143,250 cash, and Oscar contributed cash of $429,750.

When Padgett Properties LLC was formed, Nova contributed land (value of $286,500 and basis of $71,625) and $143,250 cash, and Oscar contributed cash of $429,750. Both partners received a 50% interest in partnership 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 $fill in the blank 0d1ec90cdfd2f85_1 . Question Content Area b. What is Padgett's tax basis in the land? $fill in the blank c12601fd8fdc06e_1 Question Content Area c. If Padgett sells the land several years later for $429,750, how much tax gain will Nova and Oscar report? Nova reports a $fill in the blank 742010017fca050_1 gain and Oscar's gain is $fill in the blank 742010017fca050_2

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