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R and J form an LLC, which is treated as a partnership for income tax purposes. R transfers cash of $800 to the LLC in return for a 50% ownership interest in the LLC worth $800. J transfers land with an adjusted basis of $650 and a fair market value of $800 in return for a 50% ownership interest in the LLC worth $800 1. What is R's amount realized? What is J's amount realized? a. b. What is R's gain/loss realized? What is J's gain/loss realized? What is R's gain/loss recognized? What is J's gain/loss recognized? What is the LLC's gain/loss recognized? What is R's initial basis (i.e., "outside basis") in his LLC interest? What is J's initial outside (i.e., "outside basis") in her LLC interest? What is R's holding period in his LLC interest? What is J's holding period in her LLC interest? What is the LLC's basis (i.., "inside basis") in the land? What is the LLC's holding period in the land? Construct the LLC's initial balance sheet for both book and tax purposes. C. d. e. f. g. h. i. k. I. m. n. R and J form an LLC, which is treated as a partnership for income tax purposes. R transfers cash of $800 to the LLC in return for a 50% ownership interest in the LLC worth $800. J transfers land with an adjusted basis of $650 and a fair market value of $800 in return for a 50% ownership interest in the LLC worth $800 1. What is R's amount realized? What is J's amount realized? a. b. What is R's gain/loss realized? What is J's gain/loss realized? What is R's gain/loss recognized? What is J's gain/loss recognized? What is the LLC's gain/loss recognized? What is R's initial basis (i.e., "outside basis") in his LLC interest? What is J's initial outside (i.e., "outside basis") in her LLC interest? What is R's holding period in his LLC interest? What is J's holding period in her LLC interest? What is the LLC's basis (i.., "inside basis") in the land? What is the LLC's holding period in the land? Construct the LLC's initial balance sheet for both book and tax purposes. C. d. e. f. g. h. i. k. I. m. n