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What is Lance tax basis in his LIC interest

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Question - LANCE Contributed investment property worth $652,500, purchased five Years ago for $392,500 cash, to Cloud Peak LIC in Exchange for an 85 percent profits and capital interest in the LLC. Cloud Peak owes $532,500 to its suppliers but has no other debts. What is Lance's tax basis in his LIC interest?

Reference no: EM132234191

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What is Lance tax basis in his LIC interest : LANCE Contributed investment property worth $652,500, purchased five Years ago for $392,500 cash, What is Lance tax basis in his LIC interest
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