Required information 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* $ 38,250 38,250 111,000 364,000 Totals $149,250 $402,250 Nonrecourse debt secured by the land equals $177,500 James, Harold, and Jenny each contributed $224,750 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