When High Horizon LLC was formed, Maude contributed the following assets in exchange for a...
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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 $ 31,000 $ 31,000 Land* 114,000 430,750 Totals $ 145,000 $ 461,750 *Nonrecourse debt secured by the land equals $186,000 James, Harold, and Jenny each contributed $275,750 in cash for a 25 percent profits and capital interest. d. What is High Horizons tax basis in its assets? e. Prepare a tax basis balance sheet for the High Horizon LLC showing the tax capital accounts for the members.
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