When Padgett Properties LLC, was formed, Nova contributed land (value of $367,500 and basis of $91,875) and $183,750 cash, and Oscar contributed cash of $551,250. Both partners received a 50% interest in partnership profits and capital.

a. How is the land recorded for 704(b) book capital account purposes?

For 704(b) book capital account purposes, Padgett records the land at $.

b. What is Padgetts tax basis in the land? $

c. If Padgett sells the land several years later for $551,250, Nova reports a $ gain and Oscars gain is $.