Question: Lance contributed investment property worth $ 6 4 0 , 0 0 0 , purchased three years ago for $ 2 4 5 , 0

Lance contributed investment property worth $640,000, purchased three years ago for $245,000 cash, to Cloud Peak LLC in exchange for an 75 percent profits and capital interest in the LLC. Cloud Peak owes $407,500 to its suppliers but has no other liabilities.
a. What is Lance's tax basis in his LLC interest?
Lance contributed investment property worth $640,000, purchased three years ago for $245,000 cash, to Cloud Peak LLC in exchange for an 75 percent profits and capital interest in the LLC. Cloud Peak owes $407,500 to its suppliers but has no other liabilities.
a. What is Lance's tax basis in his LLC interest?
a. What is Lance's tax basis in his LLC interest?
Lance contributed investment property worth $640,000, purchased three years ago for $245,000 cash, to Cloud Peak LLC in exchange for an 75 percent profits and capital interest in the LLC. Cloud Peak owes $407,500 to its suppliers but has no other liabilities.
a. What is Lance's tax basis in his LLC interest?
Lance contributed investment property worth $640,000, purchased three years ago for $245,000 cash, to Cloud Peak LLC in exchange for an 75 percent profits and capital interest in the LLC. Cloud Peak owes $407,500 to its suppliers but has no other liabilities.
a. What is Lance's tax basis in his LLC interest?
Lance contributed investment property worth $640,000, purchased three years ago for $245,000 cash, to Cloud Peak LLC in exchange for an 75 percent profits and capital interest in the LLC. Cloud Peak owes $407,500 to its suppliers but has no other liabilities.
a. What is Lance's tax basis in his LLC interest?

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