When High Horizon LLC was formed, Maude contributed the following assets in exch

Question

When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC:

What is Maude’s tax basis in her LLC interest?

c.

What tax basis do James, Harold, and Jenny have in their LLC interests?

d.

What is High Horizon’s tax basis in its assets?

Prepare a tax basis balance sheet for the High Horizon LLC showing the tax capital accounts for the members. (Enter any capital account with a debit balance as a negative amount.)

Basis Fair
Market
Value   Maude:   Cash $ 41,000 $ 41,000   Land* 129,500 391,750   Totals $ 170,500 $ 432,750

Explanation / Answer

When High Horizon LLC was formed, Maude contributed the following assets in exch

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