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	$ 34,750	$ 34,750
Land*	106,500	400,750
Totals	$ 141,250	$ 435,500

*Nonrecourse liability secured by the land equals $169,000

Hiro, Harold, and Sofiya each contributed $266,500 in cash for a 25 percent profits and capital interest.

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