juge geetring Sand Creek's office building. Other than the accounts payable and mortgage, Sand Creek l dnu used in her sole proprietorship, toS 10C0 10 guarantee all $15,000 of Sand Creek's accounts payable, but she di iuunors. What is Sand Creek's initial basis in the contributed property? Selected Answer: 260,000 tion 3 When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC Maude: Cash Land* Basis Fair Market Value $ 25,00025,000 100,000 350,000 $ 125,000$375,000 Totals Nonrecourse debt secured by the land equals $160,000 James, Harold and Jenny each contributed $220,000 in cash for a 25% profits and capital interest what is Maude's tax basis in her LLC interest? Selected Answer: 35,000 4 Connie recently provided legal services to the Winterhaven LLC and received a 10 percent interest in the LLC as compensation. accounts payable and no other debt. The current fair market value of Winterhaven's capital is $300,000. If Connie receives a 10 come must she report? al