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Can i get help please Required information Problem 20-42 (LO 20-2) (Algo) [The following information applies to the questions displayed below,] When High Horizon LLC

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Required information Problem 20-42 (LO 20-2) (Algo) [The following information applies to the questions displayed below,] When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC: "Nonrecourse liablity secured by the land equals $195,000 Hiro, Harold, and Sofiya each contributed $268,250 in cash for a 25 percent profits and capital interest. Note: Leave no answer blank. Enter zero if applicable. Problem 20-42 Part a (Algo) a. How much gain or loss will Maude and the other members recognize? Problem 20-42 (LO 20-2) (Algo) [The following information applies to the questions displayed below.] When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC: "Nonrecourse liability secured by the land equals $195,000 Hiro, Harold, and Sofiya each contributed $268,250 in cash for a 25 percent profits and capital interest. Note: Leave no answer blank. Enter zero if applicable. Problem 20-42 Part b (Algo) b. What is Maude's tax basis in her LLC interest? Required information Problem 20-42 (LO 20-2) (Algo) [The following information applies to the questions displayed below.] When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC: "Nonrecourse liability secured by the land equals $195,000 Hiro, Harold, and Sofiya each contributed $268,250 in cash for a 25 percent profits and capital interest. Note: Leave no answer blank. Enter zero if applicable. Problem 20-42 Part c (Algo) c. What tax basis do Hiro, Harold, and Sofiya have in their LLC interests? Required information Problem 20-42 (LO 20-2) (Algo) [The following information applies to the questions displayed below] When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC: "Nonrecourse llablity secured by the land equals $195,000 Hiro, Harold, and Soflya each contributed $268,250 in cash for a 25 percent profits and capital interest. Note: Leave no answer blank. Enter zero if applicable. Problem 20-42 Part d (Algo) d. What is High Horizon's tax basis in its assets? Problem 20-42 (LO 20-2) (Algo) [The following information applies to the questions displayed below.] When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC: "Nonrecourse liability secured by the land equals $195,000 Hiro, Harold, and Sofya each contributed $268,250 in cash for a 25 percent profits and capital interest. Note: Leave no answer blank. Enter zero if applicable. Problem 20-42 Part e (Algo) e. Prepare a tax basis balance sheet for High Horizon LLC showing the tax capital accounts for the members. Note: Enter any capital account with a debit balance as a negative amount. wnen mign monzon LLL was rormeo, maude controuted the roiowing assets in excriange tor a percent capital ano profits interest in the LLC: "Nonrecourse liability secured by the land equals $195,000 Hiro, Harold, and Soflya each contributed $268,250 in cash for a 25 percent profits and capital interest. Note: Leave no answer blank. Enter zero if applicable. Problem 20-42 Part e (Algo) e. Prepare a tax basis balance sheet for High Horizon LLC showing the tax capital accounts for the members. Note: Enter any capital account with a debit balance as a negative amount

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