Business, 17.03.2020 03:12 ashleylit8

Required information 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* 120,000 440,000 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.) e. Prepare a tax basis balance sheet for Albee LLC showing the tax capital accounts for the members. What is Kevan’s share of the LLC’s inside basis? (Enter any capital account with a debit balance as a negative amount.)

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Required information Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,0...

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