Lance contributed investment property worth $692,500, purchased Four years ago for $412,500 cash, to Cloud...
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Accounting
Lance contributed investment property worth $692,500, purchased Four years ago for $412,500 cash, to Cloud Peak LLC in exchange for an 80 percent profits and capital interest in the LLC. Cloud Peak owes $312,500 to its suppliers but has no other debts.
a. What is Lances tax basis in his LLC interest?
b. What is Lances holding period in his interest?
c. What is Cloud Peaks basis in the contributed property?
d. What is Cloud Peaks holding period in the contributed property?
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