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.)

e. Prepare a tax basis balance sheet for the High Horizon LLC showing the tax capital accounts for the members. (Enter any capital account with a debit balance as a negative amount.)

Cash:

Land:

Totals:

Liabilities and Capital:

Mortgage Debt:

Capital - Maude

Capital - James

Capital - Harold

Capital - Jenny

Totals: