! Required information Problem 20-42 (LO 20-2) (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: Basis Maude: Cash Land $ 25,750 Totals 115,500 $141,250 Fair Market Value: $ 25,750 373,000 $ 398,750 "Nonrecourse liability secured by the land equals $177,500 James, Harold, and Jenny each contributed $221,250 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) Problem 20-42 Part a (Algo) a. How much gain or loss will Maude and the other members recognize? Answer is not complete. Maude James Harold Jenny Gain or loss recognized 14,875 $ 192,375 8 < Prev 3 4 5 7 of 27 Next >