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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: *Nonrecourse
When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC: *Nonrecourse liability secured by the land equals $203,000 Hiro, Harold, and Sofiya each contributed $257,000 in cash for a 25 percent profits and capital interest. Note: Leave no answer blank. Enter zero if applicable. Problem 15-42 Part e (Algo) e. Prepare a tax basis balance sheet for High Horizon LLC showing the tax capital accounts for the members. Note: Enter any capital account with a debit balance as a negative amount
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