Answer:Amount of Nova and Oscar's gain=$492,937.50
Explanation:
a)According to  Land recorded for   § 704(b) book capital account purposes, Land is  recorded at fair market value. With this, the Padgett properties should record the land at $358,500
b)From the question, it is given that the  basis of land is  $89,625. Therefore, the Padgett Properties LLC's tax basis in the land is $89,625.
c)Amount of Nova and Oscar's gain.
 Fair market value of Land         $358,500
 Basis of land                                  $89,625   
total                                              $ 448,125 
but Gain =  Selling price of land - Fair value of Land  x interest in partnership profits and capital   
= $537,750 - ($358,500+$89,625 )
=($537,750 - $448,125 )  x 50% =$44,812.50
 Total gain                   $448,125 + $44,812.50 =$492,937.50