Required Informetion When High Horizon LLC was formed, Maude contributed the following assets In exchange for a 25 percent capltal and profits Interest In the LLC: Fair Market Basis Value Maude: Cash Land S 43,8ee 43,8e8 186,80 389,580 $149, 8e8 $432,5e8 Totals Nonrecourse debt secured by the land equals $188,000 James, Harold, and Jenny each contributed $244,500 In cash for a 25 percent profits and capital Interest. (Leave no answer blank. Enter zeroapplicable.) a. How much galn or loss will Maude and the other members recognize? ames Harold Gain or loss recognized b. What Is Maude's tax basis In her LLC Interest? SIS c. What tax basis do James, Harold, and Jenny have In thelr LLC Interests? James Harold Jenny Tax basis d. What is High Horizon's tax basis In its assets? ax basis 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 e debit balence as a negatlve amount.) High Horizons, LLC Tax Basis Balance Sheet Tax Basis Assets Cash Land Totals Liabilities and capital: Mortgage debt Capital-Maude Capital-James Totals