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	$ 22,000	$ 22,000
Land*	137,500	370,000
Totals	$ 159,500	$ 392,000

*Nonrecourse liability secured by the land equals $182,000

James, Harold, and Jenny each contributed $210,000 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.)

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

c. What tax basis do James, Harold, and Jenny have in their LLC interests?

d. What is High Horizons tax basis in its assets?

e. Prepare a tax basis balance sheet for High Horizon LLC showing the tax capital accounts for the members. (Enter any capital account with a debit balance as a negative amount.)

e. Prepare a tax basis balance sheet for High Horizon LLC showing the tax capital accounts for the members. (Enter any capital account with a debit balance as a negative amount.)

\begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ High Horizons, LLC } \\ \multicolumn{2}{|c|}{ Tax Basis Balance Sheet } \\ \hline Assets: & Tax Basis \\ \hline Cash & \\ \hline Land & $ \\ \hline Totals & \\ \hline Liabilities and capital: & \\ \hline Mortgage debt & \\ \hline Capital-Maude & \\ \hline Capital-James & $ \\ \hline Capital-Harold & \\ \hline Capital-Jenny & \\ \hline \multicolumn{1}{|c|}{ Totals } & \\ \hline \end{tabular}