Lance contributed investment property worth $622,500, purchased Two years ago for $312,500 cash, to Cloud Peak LLC in exchange for an 65 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? Tax basis:

b. What is Lances holding period in his interest? Holding period:

c. What is Cloud Peaks basis in the contributed property? Basis:

d. What is Cloud Peaks holding period in the contributed property? Holding period: