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Required informetion 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

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Required informetion 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 a (Algo) o. What is Lance's tax basis in his LLC interest

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