Laurel contributed equipment worth $215,000, purchased 8 months ago for $240,000 cash and used in her sole proprietorship, to Sand Creek LLC in exchange for a 20 percent profits and capital interest in the LLC. Laurel agreed to guarantee all $14,400 of Sand Creek's accounts payable, but she did not guarantee any portion of the $107,500 nonrecourse mortgage securing Sand Creek's office building. Other than the accounts payable and mortgage, Sand Creek does not owe any debts to other creditors. Problem 20-39 Part-a a. What is Laurel's initial tax basis in her LLC interest? Tax basis