Answer:
The correct answer is $50,000.
Explanation:
According to the scenario, the given data are as follows:
Nova contributed land of value = $200,000
Nova contributed land of Basis= $50,000
Nova contributed cash = $100,000
Oscar Contributed cash = $300,000
So, we can analyze the Padgett's tax basis in the land by using following method:
As we know Nova contributed land of Basis is the only tax basis in the land for Padgett's.
So, Padgett’s tax basis in the land = Nova contributed land of Basis
Padgett’s tax basis in the land = $50,000.
