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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

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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 pald 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: Fair Market Basis Value ABBets : Cash $210, 000 $ 210, 000 Investments 100, 000 126, 000 Land 290, 000 120, 000 Totals $600, 000 $ 756, 000 Liabilities and capital: Nonrecourse Debt $230, 000 $ 230, 000 Lance* 185, 000 263,000 Robert* 185, 000 263, 000 Totals $600, 000 $ 756, 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 debt (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. Davo Lance Robert Tax basis

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