Required information Problem 20-42 (LO 20-2) 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 $ 32,750 $ 32,750 110,000 403,000 $142,750 $435,750 Totals *Nonrecourse debt secured by the land equals $164,000 James, Harold, and Jenny each contributed $271,750 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) Problem 20-42 Part-b b. What is Maude's tax basis in her LLC interest? Tax basis Required information Problem 20-42 (LO 20-2) 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 $ 32,750 $ 32,750 110,000 403,000 $142,750 $435,750 *Nonrecourse debt secured by the land equals $164,000 James, Harold, and Jenny each contributed $271,750 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) Problem 20-42 Part-c c. What tax basis do James, Harold, and Jenny have in their LLC interests? James Harold Jenny Tax basis