Problem $20-43($LO $20-2)($Static$)$

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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 $ $15,000$ $ $15,000$

Land$*$Footnote asterisk $120,000440,000$

Totals $ $135,000$ $ $455,000$

$*$Footnote asteriskNonrecourse liability secured by the land equals $$210,000.$

Each member received a one$-$third capital and profits interest in the LLC$.$

Note: Leave no answer blank. Enter zero if applicable. Round to the nearest whole thousand.

Problem $20-43$ Part b $($Static$)$

b$.$ What is Kevan's tax basis in his LLC interest?