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	$	25,750		$	25,750
Land*		115,500			373,000
Totals	$	141,250		$	398,750

*Nonrecourse debt secured by the land equals $177,500

James, Harold, and Jenny each contributed $221,250 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.)

Problem 20-42 Part-b

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