taxation

9 Required information The following information applies to the questions displayed below Reggie contributed $32,000 in cash and a capital asset he had held for three years with a fair market value of $64,000 and tax basis of $16,000 for a 5 percent capital and profits interest in Green Valley LLC. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) a. If Reggie sells his LLC interest thirteen months later for $96,000 when the tax basis in his LLC is still $48,000, how much gain does he report and what is its character? Required information (The following information applies to the questions displayed below Reggie contributed $32,000 in cash and a capital asset he had held for three years with a fair market value of $64,000 and tax basis of $16,000 for a 5 percent capital and profits interest in Green Valley LLC. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar) b. If Reggie sells his LLC interest two months later for $96.000 when the tax basis in his LLC is still$48,000, how much gain does he report and what is its character? (Hint: See Reg511223-3)