indicate completion. Return to question 6 O Part 2 of 5 Required information [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 0.36 points Fair Market Value Basis Maude: Cash Land Totals $ 20,750 131,000 $ 151,750 $ 20,750 489,750 $ 430,500 "Nonrecourse liability secured by the land equals $160,000 James, Harold, and Jenny each contributed $270,500 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) b. What is Maude's tax basis in her LLC interest? Answer is complete but not entirely correct. Tax basis $ 110,500 Return to question 7 ! Part 3 of 5 0.36 points Basis Required information 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 Fair Market Value Maude: Cash $ 20,750 $ 20,750 Land 131,000 409,750 Totals $ 151,750 $430,500 *Nonrecourse liability secured by the land equals $160,000 James, Harold, and Jenny each contributed $270,500 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) c. What tax basis do James, Harold, and Jenny have in their LLC interests? Answer is complete but not entirely correct. James Harold Jenny $ 277,750 $ 277,750 277,750 Tax basis Return to question 8 1 ! Part 4 015 0.36 points Value Required information (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. Fair Market Basis Maude: Cash $ 20,750 $ 20,750 131,000 409,750 Totals $ 151,750 $430,500 "Nonrecourse ability secured by the land equals $160,000 James, Harold, and Jenny each contributed $270,500 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) Land d. What is High Horizon's tax basis in its assets? Answer is complete but not entirely correct. Tax basis S 0 ! Part 5 of 5 0.36 points Required information 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: Fair Market Basis Value Maude: Cash $ 20,750 $ 20,750 Land 131,000 409,750 Totals $ 151,750 $ 430,500 Skipped eBook "Nonrecourse liability secured by the land equals $160,000 James, Harold, and Jenny each contributed $270,500 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) Print References e. Prepare a tax basis balance sheet for High Horizon LLC showing the tax capital accounts for the members (Enter any capital account with a debit balance as a negative amount.) High Horizons, LLC Tax Basis Balance Sheet Tax Basis As ET Cash Land Totals Liabilities and capital Mortgage debt Capital-Maude Capital-James Capital Harold Capital Jenny Totals $ o
