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 Land* $ 15,000 120,000 $135,000 $ 15,000 440,000 $ 455,000 Totals *Nonrecourse debt secured by the land equals $210,000. Each member received a one-third capital and profits interest in the LLC. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.) a. How much gain or loss will Jerry, Dave, and Kevan recognize on the contributions? Jerry Dave Kevan Gain or loss recognized $ 120,000 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 Land* $ 15,000 120,000 $135,000 $ 15,000 440,000 $ 455,000 Totals *Nonrecourse debt secured by the land equals $210,000. Each member received a one-third 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? Tax basis following assets: Basis Fair Market Value Kevan: Cash Land* $ 15,000 120,000 $135,000 $ 15,000 440,000 $ 455,000 Totals *Nonrecourse debt secured by the land equals $210,000. Each member received a one-third capital and profits interest in the LLC. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.) c. What tax basis do Jerry and Dave have in their LLC interests? Jerry Dave Tax basis 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 Land* $ 15,000 120,000 $135,000 $ 15,000 440,000 $ 455,000 Totals *Nonrecourse debt secured by the land equals $210,000. Each member received a one-third capital and profits interest in the LLC. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.) d. What is Albee LLC's tax basis in its assets? Tax basis