Business, 25.03.2020 21:28 krazziekidd2p845ri
When Padgett Properties LLC was formed, Nova contributed land (value of $200,000 and basis of $50,000) and $100,000 cash, and Oscar contributed cash of $300,000. Both members received a 50% interest in LLC profits and capital.
What is Padgett’s tax basis in the land?
Answers: 1
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When Padgett Properties LLC was formed, Nova contributed land (value of $200,000 and basis of $50,00...
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