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..a. What is Lance’s tax basis in his LLC interest?b. What is Lance’s holding period in his interest?c. What is Cloud Peak’s basis in the contributed property?d. What is Cloud Peak’s holding period in the contributed property?

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06-12-2022
Business

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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..a. What is Lance’s tax basis in his LLC interest?b. What is Lance’s holding period in his interest?c. What is Cloud Peak’s basis in the contributed property?d. What is Cloud Peak’s holding period in the contributed property?

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contexto1005 contexto1005 · Answer 1 · 2022-12-12T18:12:04-05:00

Cloud Peak’s holding period in contribute property. Tax base

(a). $ 576,875\s($350,000+$226,875).

Given that LLC general debt obligations are treated as non-recourse debt and that Lance's profit sharing.

Ratio is used to allocate a portion of the LLC debt to him, Lance's basis in his LLC interest is made up of the $350,000 basis of the investment property he transferred to the LLC and his $226,875 share of the LLC debt.Lance held investment property for four years during the holding period of his interest.. Lance's tax basis in his LLC interest equals the basis of the investment property plus the shares of the debt owed by the LLC, which comes to

$312,500 + ($380,000* 7O%) =

$312,500 + $266,000 = $578,500.

As a result, the LLC's common debt obligation is recognised as non-recourse debt, and a share of the LLC debt is allocated to Lance based on his income allocation ratio and the five-year holding period for his stake.

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