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 Value Basis Maude: Cash Land* Totals $ 36,250 103,500 $ 139,750 $ 36,250 427,000 $ 463,250 *Nonrecourse liability secured by the land equals $195,000 James, Harold, and Jenny each contributed $268,250 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) d. What is High Horizon's tax basis in its assets? Tax basis 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: Basis Fair Market Value Maude: Cash Land* Totals $ 36,250 103,500 $ 139,750 $ 36,250 427,000 $ 463,250 *Nonrecourse liability secured by the land equals $195,000 James, Harold, and Jenny each contributed $268,250 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) e. Prepare a tax basis balance sheet for High Horizon LLC showing the tax capital accounts for the members. (Enter any capital account with a debit balance as a negative amount.) High Horizons, LLC Tax Basis Balance Sheet Tax Basis Assets: Cash Land $ 0 Totals Liabilities and capital: Mortgage debt Capital-Maude Capital-James Capital-Harold Capital-Jenny Totals $ 0