Question: Lance contributed investment property worth $ 6 2 2 , 5 0 0 , purchased three years ago for $ 3 2 2 , 5

Lance contributed investment property worth $622,500, purchased three years ago for $322,500 cash, to Cloud Peak LLC in exchange for an 70 percent profits and capital interest in the LLC. Cloud Peak owes $382,500 to its suppliers but has no other liabilities.
b. What is Lance's holding period in his interest?

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