eBook Calculator Exercise 21-21 (b) (LO. 8) When Goodman Biotech LLC was formed, Ezra contributed land (value of $198,000 and basis of $172,000) and $28,000 cash, and Liam contributed a patent (value and basis) of $226,000. 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, Goodman Biotech records the land at $ b. What is Goodman Biotech's tax basis in the land? c. If Goodman sells the land several years later for $408,000, Ezra reports a g ain and Lam's gain is