Question: Lance contributed investment property worth $ 5 0 7 , 5 0 0 , purchased five years ago for $ 3 6 7 , 5

Lance contributed investment property worth $507,500, purchased five years ago for $367,500 cash, to Cloud Peak LLC in exchange for an 80 percent profits and capital interest in the LLC. Cloud Peak owes $522,500 to its suppliers but has no other liabilities.
b. What is Lance's holding period in his interest?

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