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:

		Basis		Fair Market Value
Maude:
Cash	$	25,000		$	25,000
Land*		115,000			385,750
Totals	$	140,000		$	410,750

*Nonrecourse debt secured by the land equals $162,000

James, Harold, and Jenny each contributed $248,750 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.)

d. What is High Horizons tax basis in its assets?