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Required information [The following information applies to the questions displayed below.] Dave LaCroix recently received a 10 percent capital and profits interest in Cirque

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Required information [The following information applies to the questions displayed below.] Dave LaCroix recently received a 10 percent capital and profits interest in Cirque Capital LLC in exchange for consulting services he provided. If Cirque Capital had paid an outsider to provide the advice, it would have deducted the payment as compensation expense. Cirque Capital's balance sheet on the day Dave received his capital interest appears below: Assets: Cash Basis $ 160,000 270,000 220,000 Investments Land Totals $ 650,000 Liabilities and capital: Nonrecourse liabilities Lance* Robert* $ 220,000 215,000 215,000 Fair Market Value $ 160,000 290,000 350,000 $ 800,000 $ 220,000 290,000 290,000 Totals $ 650,000 $ 800,000 *Assume that Lance's basis and Robert's basis in their LLC interests equal their tax basis capital accounts plus their respective shares of nonrecourse liabilities. (Leave no answer blank. Enter zero if applicable.) b. Compute each member's tax basis in his LLC interest immediately after Dave's receipt of his interest. Dave Tax basis Lance Robert

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