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Problem 15-42 (LO 15-2) (Algo) [The following information applies to the questions displayed below.] When High Horizon LLC was formed, Maude contributed the following assets

image text in transcribed Problem 15-42 (LO 15-2) (Algo) [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 $203,000 Hiro, Harold, and Sofiya each contributed $257,000 in cash for a 25 percent profits and capital interest. Note: Leave no answer blank. Enter zero if applicable. Problem 15-42 Part d (Algo) d. What is High Horizon's tax basis in its assets

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