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Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash....

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Accounting

Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets:
Basis Fair Market Value
Kevan:
Cash $ 15,000 $ 15,000
Land*120,000440,000
Totals $ 135,000 $ 455,000
*Nonrecourse liability secured by the land equals $210,000.
Each member received a one-third capital and profits interest in the LLC.
Note: Leave no answer blank. Enter zero if applicable. Round to the nearest whole thousand.
f. If the lender holding the nonrecourse liability secured by Kevan's land required Kevan to guarantee 1/3 of the liability and Jerry to guarantee the remaining 2/3 of the liability when Albee LLC was formed, how much gain or loss will Kevan recognize?

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