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 liabilities. a. What is Lance's tax basis in his LLC interest? Tax basis 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 liabilities. d. What is Cloud Peak's holding period in the contributed property? Holding period