Required information Problem 20-38 (LO 20-2) (Algo) [The following information applies to the questions displayed below.] Lance contributed investment property worth $620,000, purchased five years ago for $287,500 cash, to Cloud Peak LLC in exchange for an 70 percent profits and capital interest in the LLC. Cloud Peak owes $482,500 to its suppliers but has no other liabilities. Problem 20-38 Part a (Algo) a. What is Lance's tax basis in his LLC interest? Tax basis