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When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 2 5 percent capital and profits interest in the LLC:
When High Horizon LLC was formed, Maude contributed the following assets in exchange for a percent capital and profits interest in the LLC: Cash Land Totals Basis Fair Market Value Nonrecourse liability secured by the land equals $ Hiro, Harold, and Sofiya each contributed $ in cash for a 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? B What is Maude's tax basis in her LLC interest C What tax basis do Hiro, Harold and Sofiya have in their LLC interests D What is High Horizon's tax basis in its assets
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