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	$	29,750		$	29,750
Land*		107,000			383,500
Totals	$	136,750		$	413,250

*Nonrecourse debt secured by the land equals $167,500

James, Harold, and Jenny each contributed $245,750 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?

b. What is Maudes tax basis in her LLC interest?

c. What tax basis do James, Harold, and Jenny have in their LLC interests?

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

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.)