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	$ 40,000	$ 40,000
Land*	144,000	419,500
Totals	$ 184,000	$ 459,500

*Nonrecourse liability secured by the land equals $192,000

Hiro, Harold, and Sofiya each contributed $267,500 in cash for a 25 percent profits and capital interest.

Note: Leave no answer blank. Enter zero if applicable.

a. How much gain or loss will Maude and the other members recognize?