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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:

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When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC: Cash Land Totals Basis 38,250111,000149,250 Fair Market Value 38,250364,000402,250 Nonrecourse liability secured by the land equals $177,500 Hiro, Harold, and Sofiya each contributed $224,750 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? 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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