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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: Basis Fair Market Value Maude: Cash $ 20,000 $ 20,000 Land* 100,000 360,000 Totals $ 120,000 $ 380,000 *Nonrecourse liability secured by the land equals $160,000. Hiro, Harold, and Sofiya each contributed $220,000 in cash for a 25 percent profits and capital interest

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