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