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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

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 debts.

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