Lance contributed investment property worth $690,000, purchased two years ago for $277,500 cash, to Cloud Peak LLC in exchange for an 85 percent profits and capital interest in the LLC. Cloud Peak owes $505,000 to its suppliers but has no other liabilities.

a. What is Lances tax basis in his LLC interest?

[The following information applies to the questions displayed below.] Lance contributed investment property worth $690,000, purchased two years ago for $277,500 cash, to Cloud Peak LLC in exchange for an 85 percent profits and capital interest in the LLC. Cloud Peak owes $505,000 to its suppliers but has no other liabilities.

b. What is Lances holding period in his interest?

The following information applies to the questions displayed below.] Lance contributed investment property worth $690,000, purchased two years ago for $277,500 cash, to Cloud Peak LLC in exchange for an 85 percent profits and capital interest in the LLC. Cloud Peak owes $505,000 to its suppliers but has no other liabilities.

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

Lance contributed investment property worth $690,000, purchased two years ago for $277,500 cash, to Cloud Peak LLC in exchange for an 85 percent profits and capital interest in the LLC. Cloud Peak owes $505,000 to its suppliers but has no other liabilities.

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