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	$	20,000	$	20,000
Land*		100,000		360,000
Totals	$	120,000	$	380,000

*Nonrecourse debt secured by the land equals $160,000.

James, Harold, and Jenny each contributed $220,000 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.)

Problem 20-42 Part a (Static)

a. How much gain or loss will Maude and the other members recognize?

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) High Horizons Tax Basis in its Assets:

E) Balance Sheet:-

Particulars	Amount
Assets:-
Cash
Land
Total Assets
Liabilities and Capital: -
Mortagage Debt
Capital - Maude
James
Harold
Jenny
Total Liabilities and Capital