Marcus and Madison are equal members of an LLC. On January 1 of the current year, to acquire a one-third interest in the entity, Nora contributed a parcel of land she had held for investment. (At this time, the entity will be renamed MMN, LLC.) Nora had purchased the land for $120,000; its fair market value was $90,000 at the contribution date. A few years later, the LLC selis Nora's land for $84,000. At the beginning of that year, Nora's capital account (determined using the tax basis) was $200,000 and Marcus and Madison's capital accounts (also calculated on the tax basis) were $170,000 a. Regarding the land sale, how much gain or loss is recognized and how is it allocated? of which is allocated to Nora On the land sale, under $ 704[C), there is a total is allocated ands Fentock b. Complete the schedule that computes the partners' tax basis capital accounts immediately after the sale. If an amount is none, enter "o". Total Marcus Madison Nora Capital account rottforward 170,000 170,000 Capital account before sale Built-in loss on land III. UUU! Loss on land after contribution date Capital account after sale