Taxation of pass tru entities.

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Requirea ihformation 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* $ 20,000 20,000 100,000 360,000 Totals $120,000 $380,000 Nonrecourse debt secured by the land equals $160,000 James, Harold, and Jenny each contributed $220,000 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 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 Value Basis Maude: Cash Land* 20,000 20,000 100,000 360,000 Totals $120,000 $380,000 Nonrecourse debt secured by the land equals $160,000 James, Harold, and Jenny each contributed $220,000 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) b. What is Maude's tax basis in her LLC interest? Tax basis 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* s 20,000 s 20,000 100,000 360,000 Totals $120,000 $380,000 Nonrecourse debt secured by the land equals $160,000 James, Harold, and Jenny each contributed $220,000 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) c. What tax basis do James, Harold, and Jenny have in their LLC interests? 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 Value Basis Maude: Cash 20,000 20,000 Land 100,000 360,000 Totals $120,000 $380,000 Nonrecourse debt secured by the land equals $160,000 James, Harold, and Jenny each contributed $220,000 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) d. What is High Horizon's tax basis in its assets? Tax basis Required information When High Horizon LLC was formed, Maude contributed thefollowing assets in exchange for a 25 percent capital and profits interest in the LLC: Fair Market Basis Value Maude: Cash s 20,000 $ 20,000 Land 100,000 360,000 Totals $120,000 $380,000 Nonrecourse debt secured by the land equals $160,000 James, Harold, and Jenny each contributed $220,000 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.) High Horizons, LLC Tax Basis Balance Sheet Nonrecourse debt secured by the land equals $160,000 James, Harold, and Jenny each contributed $220,000 in cash for a 2 answer blank. Enter zero if applicable.) e. Prepare a tax basis balance sheet for the High Horizon LLC showing the ta 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 0 Prev 22 of 29