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 partners received a 50% interest in partnership 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 $510,750, how much tax gain will Nova and Oscar report? Nova reports a $ gain and Oscar's gain is $.
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