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Required information Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Basis Fair Market
Required information 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.) e. Prepare a tax basis balance sheet for Albee LLC showing the tax capital accounts for the members. What is Kevan's share of the LLC's inside basis? (Enter any capital account with a debit balance as a negative amount.) Albee , LLC Tax Basis Balance Sheet Tax Basis Assets: Cash Land Totals $ 0 Liabilities and capital: Mortgage debt Capital-Kevan Capital-Jerry Capital-Dave Totals $ 0
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