! Required information [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 $ 20,000 $ 20,000 Land* 100,000 360,000 Totals $120,000 $380,000 *Nonrecourse debt secured by the land equals $160,000. James, Harold, and Jenny each contributed $220,000 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) a. How much gain or loss will Maude and the other members recognize? Maude 45,000 $ James 260,000 $ Harold 260,000 $ Jenny 260,000 Gain or loss recognized $