Research Problem 2. The Get It Done LLC (GIDL) was originally formed several years ago by Gina, Ignacio, Dani, and Larry. At that time, each LLC member contributed $1,000,000 of cash in exchange for a 25% interest in the LLC. GIDL now owns and leases heavy-duty construction equipment in the Tri-State area. Critical Thinking At the beginning of the current tax year, Dani sold her 25% interest in GIDL to Denique (an unrelated party) for $3,000,000. At that time the basis and fair market values of the assets recorded on the partnership's books was as follows (the LLC has no debt): Basis Cash $1,500,000 Accounts receivable Land 500,000 2,000,000 Fair Market Value $ 1,500,000 500,000 1,000,000 Seven-year equipment Total -0- 9,000,000 $4,000,000 $12,000,000 You advised your client, Denique, to get assurance from the LLC that a 754 election and adjustment would be made. GIDL agreed to make the election and plans to allocate any step up to the equipment and recover the cost using a seven-year depreciation schedule. Denique wants to know if this is the correct treatment and if a more favorable treatment is possible. GIDL told Denique that the equipment was originally purchased several years ago for about $12,000,000 and that GIDL claimed the 100% bonus depreciation deduction that was permitted in that tax year. a. Calculate the amount of Denique's 754 basis adjustment