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?

Required information Problem 20-38 (LO 20-2) (Algo) [The following information applies to the questions displayed below.] Lance contributed investment property worth $660,000, purchased three years ago for $337,500 cash, to Cloud Peak LLC in exchange for an 90 percent profits and capital interest in the LLC. Cloud Peak owes $452,500 to its suppliers but has no other liabilities. Problem 20-38 Part a (Algo) a. What is Lance's tax basis in his LLC interest