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Dave LaCroix recently received a 10 percent capital and profits interest in Cirque Capital LLC in exchange for consulting services he provided. If Cirque Capital had paid an outsider to provide the advice, it would have deducted the payment as compensation expense. Cirque Capital's balance sheet on the day Dave received his capital interest appears below: Fair Market Basis Value Assets: Cash $ 130,000 $ 130,000 Investments 180,000 207,600 Land 210, see 320,000 Totals $ 520,000 $ 657,600 Liabilities and capital: Nonrecourse liabilities $ 190,000 $ 190,000 Lance" 165,000 233,500 Robert 165,800 233,500 Totals $ $20,000 $ 657, e8e *Assume that Lance's basis and Robert's basis in their LLC interests equal their tax basis capital accounts plus their respective shares of nonrecourse liabilities. (Leave no answer blank. Enter zero if applicable.) C. Prepare a balance sheet for Cirque Capital immediately after Dave's admission showing the members' tax capital accounts and their capital accounts stated at fair market value. Cirque, LLC Balance Sheet Tax Basis 704(bWFMV 5 130,000 s 180,000 210,000 520,000 $ 130.000 207.000 320,000 657 000 $ Assets Cash Investments Land Totals Capital Nonrecourse Debt Capital-Lance Capital Robert Capital-Dave Totals $ 190,000 $ 190,000 $ 190,000 $ 190.000 e. Compute each member's tax basis in his LLC interest immediately after Dave's receipt of his interest if Dave receives only a profits interest Dave Lance Robert Tax basis

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