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Required information [ The following information applies to the questions displayed below. ] When High Horizon LLC was formed, Maude contributed the following assets in
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 percent capital and
profits interest in the LLC:
Nonrecourse liability secured by the land equals $
Hiro, Harold, and Sofiya each contributed $ in cash
for a percent profits and capital interest.
Note: Leave no answer blank. Enter zero if applicable
b What is Maude's tax basis in her LLC interest?
c What tax basis do Hiro, Harold, and Sofiya have in their LLC interests?
d What is High Horizon's tax basis in its assets?
e Prepare a tax basis balance sheet for High Horizon LLC showing the tax capital accounts for the members.
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