Lance contributed investment property worth $$650,000,$ purchased four years ago for $$350,000$ cash, to Cloud Peak LLC in exchange for an $75$ percent profits and capital interest in the LLC$.$ Cloud Peak owes $$302,500$ to its suppliers but has no other liabilities.

Problem $9-38$ Part b $($Algo$)$

b$.$ What is Lance's holding period in his interest?

Lance contributed investment property worth $$650,000,$ purchased four years ago for $$350,000$ cash, to Cloud Peak LLC in exchange for an $75$ percent profits and capital interest in the LLC$.$ Cloud Peak owes $$302,500$ to its suppliers but has no other liabilities.

Problem $9-38$ Part b $($Algo$)$

b$.$ What is Lance's holding period in his interest?

Lance contributed investment property worth $$650,000,$ purchased four years ago for $$350,000$ cash, to Cloud Peak LLC in exchange for an $75$ percent profits and capital interest in the LLC$.$ Cloud Peak owes $$302,500$ to its suppliers but has no other liabilities.

Problem $9-38$ Part b $($Algo$)$

b$.$ What is Lance's holding period in his interest?

Lance contributed investment property worth $$650,000,$ purchased four years ago for $$350,000$ cash, to Cloud Peak LLC in exchange for an $75$ percent profits and capital interest in the LLC$.$ Cloud Peak owes $$302,500$ to its suppliers but has no other liabilities.

Problem $9-38$ Part b $($Algo$)$

b$.$ What is Lance's holding period in his interest?