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.) a. How much gain or loss will Maude and the other members recognize? Maude James Harold Jenny Gain or loss recognized b. What is Maude's tax basis in her LLC interest? Tax basis c. What tax basis do James, Harold, and Jenny have in their LLC interests? James Harold Jenny Tax basis d. What is High Horizon's tax basis in its assets? Tax basis 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 Totals Liabilities and capital: Mortgage debt Capital-Maude Capital-James Capital-Harold Capital-Jenny Totals