When High Horizon LLC was formed, Maude contributed the following assets in exchange for a...
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Accounting
When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC:
Maude: Basis Fair Market Value
Cash $ 10,000 $ 10,000
Land* 100,000 350,000
Totals $ 110,000 $ 360,000
*Nonrecourse debt secured by the land equals $160,000
James, Harold and Jenny each contributed $220,000 in cash for a 25% profits and capital interest. What is Maudes tax basis in her LLC interest?
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