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Problem 20-38 (LO 20-2) (Algo) [The following information applies to the questions displayed below] Lance contributed investment property worth $745,000, purchased three years ago for

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Problem 20-38 (LO 20-2) (Algo) [The following information applies to the questions displayed below] Lance contributed investment property worth $745,000, purchased three years ago for $232,500 cash, to Cloud Peak LLC in exchange for an 65 percent profits and capital interest in the LLC. Cloud Peak owes $370,000 to its suppliers but has no other liabilities. Problem 20-38 Part c (Algo) c. What is Cloud Peak's basis in the contributed property

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