Question: Lance contributed investment property worth $ 6 2 2 , 5 0 0 , purchased Two years ago for $ 3 1 2 , 5
Lance contributed investment property worth $ purchased Two years ago for $ cash, to Cloud Peak LLC in exchange for an percent profits and capital interest in the LLC Cloud Peak owes $ to its suppliers but has no other debts.
a What is Lances tax basis in his LLC interest? Tax basis:
b What is Lances holding period in his interest? Holding period:
c What is Cloud Peaks basis in the contributed property? Basis:
d What is Cloud Peaks holding period in the contributed property? Holding period:
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