Ranis contributed equipment worth $$275,000,$ purchased $8$ months ago for $$304,000$ cash and used in her sole proprietornhl, $*$o $5$ and Creet $11$ C in earhange for $15$ percent orofits and capital interest in the LLC$.$ Ranis agreed to nonrecourse mortgage securing Sand Creek's office bullding. Other than the accounts payable and montgage, Sand Creek does not have any liabilities to other creditors.

c$.$ What is Sand Creek's initial basis in the contributed property?

$$

Inital basis