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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: Nonrecourse liability secured
Required information Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: "Nonrecourse 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. e. Prepare a tax bssis balance sheet for Albee LLC showing the tax capital accounts for the members. What is Kevan's share of the ULCs inside basis? Note: Enter any capital account with a debit balance as a negative amount
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