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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 Fair

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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 Fair Market Value Basis Maude: Cash Land Totals $ 39,500 $ 39,500 109,500 400,250 $149,000 $439,750 *Nonrecourse debt secured by the land equals $171,000 James. Harold, and Jenny each contributed $268,750 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable) d. What is High Horizon's tax basis in its assets

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