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Please assist with the calculation below. Thanks! Required information [The following information applies to the questions displayed below.] When High Horizon LLC was formed, Maude

Please assist with the calculation below. Thanks!

image text in transcribed 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: *Nonrecourse liability secured by the land equals $160,000. Hiro, Harold, and Sofiya each contributed $220,000 in cash for a 25 percent profits and capital interest. Note: 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

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