When padgett properties llc was formed, nova contributed land (value of $200,000 and basis of $50,000) and $100,000 cash, and oscar contributed cash of $300,000. 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 $. what is padgett’s tax basis in the land? $. if padgett sells the land several years later for $300,000, nova reports a $ and oscar’s gain is $