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Question - Montgomery Scott contributes a machine to Excelsior LLC in exchange for 15% of the membership interests in the limited liability company. His basis in the machine was $150,525 and its fair market value is $200,215. He also receives $175,500 in cash from Excelsior LLC.
Required -
(a) How much gain or loss does Montgomery recognize?
(b) What is his basis in his membership interests of Excelsior LLC?
(c) What is Excelsior LLC's basis in the machine?
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