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! Required information [ The following information applies to the questions displayed below. ] Lance contributed investment property worth $ 5 0 0 , 0

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Required information
[The following information applies to the questions displayed below.]
Lance contributed investment property worth $500,000, purchased three years ago for $200,000 cash, to Cloud Peak LLC in exchange for an 85 percent profits and capital interest in the LLC. Cloud Peak owes $300,000 to its suppliers but has no other liabilities.
c. What is Cloud Peak's basis in the contributed property?
Basis
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