Question #8. In the following Code citation, how would you refer to the (k), (2), (B), (i) and (III) using the proper terminology? Section 401(k)(2)(B)(i)(III)

Question #9. Leesa and Mason form Leeson, LLC. Leesa and Mason agree to share profits and losses equally. Leesa contributes land with a tax basis to Leesa of $800 and a fair market value of $1,000. Mason contributes $1,000 cash. Leeson, LLC sells the land three years after the formation of the LLC. Assume Leeson, LLC sells the land for $1,300. How much tax gain is allocated to Leesa and how much tax gain is allocated to Mason upon the LLCs sale of the land?

Please show your calculation