Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Basis Fair Market Value Kevan: Cash $15,000 $15,000 Land* 120,000...



Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets:





















































BasisFair Market Value
Kevan:
Cash$15,000$15,000
Land*120,000440,000
Totals$135,000$455,000

*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?





























JerryDaveKevan

Gain or loss recognized






Jun 01, 2022
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