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4 LANCE Contributed investment property worth $65 2, 500, purchased five Years ago for $ 392, 500 cash , to Cloud Peak LIC in Exchange

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4 LANCE Contributed investment property worth $65 2, 500, purchased five Years ago for $ 392, 500 cash , to Cloud Peak LIC in Exchange for an $5 percent profits and capital interest in the LLC Cloud Peak owes $53 2, 500 to its suppliers but has no other debts . a . What is Lance's tax basis in his LIC interest ? Tax basis

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