Q3-6 Lance contributed investment property worth $705,000, purchased Four years ago for $430,000 cas

Q3-6

Lance contributed investment property worth $705,000, purchased Four years ago for $430,000 cash, to Cloud Peak LLC in exchange for an 85 percent profits and capital interest in the LLC Cloud Peak owes $525,000 to its suppliers but has no other debts

What is Lance’s tax basis in his LLC interest?

What is Cloud Peak’s basis in the contributed property?

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