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 Basis Value Maude: Cash Land Totals $ 41,250 248.000 $ 189,25e $ 41,250 418,250 $ 460, Bee "Nonrecourse liability 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 a (Algo) a. How much gain or loss will Maude and the other members recognize? Maude James Harold Jenny Gain or loss recognized 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 Maude: Cash Land Totals 5.41,250 108 B $ 189,25e $ 41,250 41825e $ 460.Bee "Nonrecourse liability 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? Next 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 Fair Market Value Maude: Cash Land Totals $ 41,250 148000 $ 189,250 $41,25e 418,250 Se se "Nonrecourse liability 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 -3 HE 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 Land Totals 5 41,25e 148,800 $ 189,25e $ 41,250 418,75e $ 460,000 "Nonrecourse liability 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 d (Algo) d. What is High Horizon's tax basis in its assets? Tabas Problem 20-42 Part e (Algo) e. Prepare a tax basis balance sheet for High Horizon LLC showing the tax capital accounts for the meme account with a debit balance as a negative amount.) High Horizons, LLC Tax Basis Balance Sheet Tax Basis Assets Cash Land Totals Liabilities and capital: Mortgage debt Capital-Maude Capital-James Capital-Harold Capital-Jenny Totals
