Luke and Han are equal members in SOLO LLC. On August 1 of t…
Luke and Han are equal members in SOLO LLC. On August 1 of the current year, Leia contributes land she held as investment property (basis of $550,000, fair market value of $600,000) and cash of $50,000 in order to acquire a 1/3 interest in the LLC. 2 years later SOLO LLC sells this land for $690,000. How much of the gain will be allocated to Leia?
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