Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets:
*Nonrecourse debt secured by the land equals $210,000
Each member received a 33.33 percent capital and profits interest in the LLC.(Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.)
b.What is Kevan’s tax basis in his LLC interest?
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