hor Lzzinr: See 3448(b)(3).] 58./ Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: Sales revenue Long-term capital gains Cost of goods sold Depreciation-MACRS Amortization of organization costs Guaranteed payments to partners for general management Cash distributions to partners $40,000 2,000 (13,000) (3,000) (1,000) (10,000) (2,000) a) Given these items, what is Turtle Creek's ordinary business income (loss) for the year? b) What are Turtle Creek's separately stated items for the year? ad prating Partnerships 42. When High Horizon LLC was formed, Maude contributed the following assets in LO 20-2 exchange for a 25 percent capital and profits interest in the LLC: Basis Fair Market Value Maude: Cash Land* Totals $20,000 100,000 $120,000 20,000 360,000 $380,000 Nonrecourse debt secured by the land equals $160,000. James, Harold, and Jenny each contributed $220,000 in cash for a 25 percent profits and capital interest. a) How much gain or loss will Maude and the other members recognize? b) What is Maude's tax basis in her LLC interest? c) What tax basis do James, Harold, and Jenny have in their LLC interests? d) What is High Horizon's tax basis in its assets? e) Following the format in Exhibit 20-2, prepare a tax basis balance sheet for High Horizon LLC showing the tax capital accounts for the members