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Required information Skip to question [The following information applies to the questions displayed below.]...

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Accounting

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[The following information applies to the questions displayed below.]
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 $ 32,250 $ 32,250
Land*123,000393,250
Totals $ 155,250 $ 425,500
*Nonrecourse liability secured by the land equals $201,500
Hiro, Harold, and Sofiya each contributed $224,000 in cash for a 25 percent profits and capital interest.
Note: Leave no answer blank. Enter zero if applicable.
a. How much gain or loss will Maude and the other members recognize?

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