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Lance contributed investment property worth $ 5 3 2 , 5 0 0 , purchased Five years ago for $ 4 3 0 , 0
Lance contributed investment property worth $ purchased Five years ago for $ cash, to Cloud Peak LLC in exchange for an percent profits and capital interest in the LLC Cloud Peak owes $ to its suppliers but has no other debts. a What is Lances tax basis in his LLC interest? b What is Cloud Peaks basis in the contributed property?
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