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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 $ 34,750 $ 34,750
Land* 106,500 400,750
Totals $ 141,250 $ 435,500

*Nonrecourse liability secured by the land equals $169,000

Hiro, Harold, and Sofiya each contributed $266,500 in cash for a 25 percent profits and capital interest.

Note: Leave no answer blank. Enter zero if applicable.

c. What tax basis do Hiro, Harold, and Sofiya have in their LLC interests?

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