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: Fair Market Value Basis Maude: Cash $ 41,250 $ 148,000 41,250 418,750 Land* Totals $189,250 $ 460,000 *Nonrecourse debt secured by the land equals $203,000 James, Harold, and Jenny each contributed $257,000 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) Problem 20-42 Part-b (Algo) b. What is Maude's tax basis in her LLC interest? Tax basis 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: Fair Market Value Basis Maude: Cash $ 41,250 $ 148,000 41,250 418,750 Land* Totals $189,250 $ 460,000 *Nonrecourse debt secured by the land equals $203,000 James, Harold, and Jenny each contributed $257,000 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) Problem 20-42 Part-c (Algo) c. What tax basis do James, Harold, and Jenny have in their LLC interests? James Harold Jenny Tax basis