please help with taxation question
Required information 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 Basis Maude Cash Land. 41,000 41,000 29,500 391,750 Totals $170,500 $432,750 Nonrecourse debt secured by the land equals $183.500 James, Harold, and Jenny each contributed $249,250 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) a. How much gain or loss will Maude and the other members recognize? James Harold Jenny Gain or loss 0 6 Required information When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC Part 2 of fS Market Value Basis Maudei Canh Land* 41,000 41,000 122 500 391 750 170.500 5432 750 Totals Nonrecourse debt secured by the land equals $183,500 James, Harold, and Jenny each contributed $249,250 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable) b. What is Maudes tax basis in her LLC interest? 0 7 Required information When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC Part 3 of s Harket Value Basis Maudes Cash Land 41,000 41,000 129 500391 750 Totals S170,500 5432.750 Nonrecourse debt secured by the land equals $183.500 James, Harold, and Jenny each contributed $249,250 in cash for o 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) e. What tax basis do James, Harold, and Jenny have in their LLC interests? Tax basis 8 Required information When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC Part 4 of 5 Fair Market Basis Value Mauden Cash Land* 41,000 41,000 129 500 391 750 170,500 $432 750 Totals Nonrecourse debt secured by the land equals $183,500 James, Harold, and Jenny each contributed $249,250 in cash for a 25 percent profits and capital interest (Leave no answer blank. Enter zero if applicable d. What is High Horizon's tax basis in its assets? When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC 9 Market Basis Value 41,000 41,000 Cash Land. Part 5 of 5 totals 170,500 5432,750 Nonrecourse debt secured by the land equals $183,500 James, Harold, and Jenny each contrbuted $249.250 in cash for a 25 percent profts and capital Interest, (tLeave no answer blank. Enter zero if applicable.) elng ihe tax capital acceunts for the members Enter any capitat account with a debit balance as a negative amount.) LLC Tax Basis Balance Sheet Assets Cash Totals