Check my When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC Fair Market value Basis Maude: Cash Land $ 20,000 $ 20,000 100,000 360,000 $120,000 $380,000 Totais *Nonrecourse debt secured by the land equals $160,000 James, Harold, and Jenny each contributed $220,000 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) e. 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.) High Horizons, LLC Tax Basis Balance Sheet Tax Basis Assets: Cash Land Totals 0
Check my When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC Fair Market value Basis Maude: Cash Land $ 20,000 $ 20,000 100,000 360,000 $120,000 $380,000 Totais *Nonrecourse debt secured by the land equals $160,000 James, Harold, and Jenny each contributed $220,000 in cash for a 25 percent profits and capital interest. (Leave no answer blank. Enter zero if applicable.) e. 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.) High Horizons, LLC Tax Basis Balance Sheet Tax Basis Assets: Cash Land Totals 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Check my
When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and
profits interest in the LLC
Fair
Market
value
Basis
Maude:
Cash
Land
$ 20,000 $ 20,000
100,000 360,000
$120,000 $380,000
Totais
*Nonrecourse debt secured by the land equals $160,000
James, Harold, and Jenny each contributed $220,000 in cash for a 25 percent profits and capital interest. (Leave no
answer blank. Enter zero if applicable.)
e. 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.)
High Horizons, LLC
Tax Basis Balance Sheet
Tax Basis
Assets:
Cash
Land
Totals
0
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