Exercise 10-22 (LO.B) When Padgett Properties LLC was formed, $100,000 cash, and 2scar contributed cash of $300,000 Both partners received a 50% interest in partnership profits and capital a. How is the land recorded for 704(b) book capital account purposes? 00,000 For 704(b) book capital account purposes, Padgett records the land att"00. b. What is Padgett's tax basis in the land? o0 c. If Padgett sells the land sev eral years later for $300,000, Nova reports a sgain and Oscar's gain is $ Exercise 10-22 (LO.B) When Padgett Properties LLC was formed, $100,000 cash, and 2scar contributed cash of $300,000 Both partners received a 50% interest in partnership profits and capital a. How is the land recorded for 704(b) book capital account purposes? 00,000 For 704(b) book capital account purposes, Padgett records the land att"00. b. What is Padgett's tax basis in the land? o0 c. If Padgett sells the land sev eral years later for $300,000, Nova reports a sgain and Oscar's gain is $