Lance contributed investment property worth $650,000, purchased Four years ago for $350,000 cash, to Cloud Peak LLC in exchange for an 75 percent profits and capital interest in the LLC. Cloud Peak owes $302,500 to its suppliers but has no other debts.

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?

Shareholders of tesla recently expressed concerns that elon musk should give up some of his power on tesla's board by appointing two independent directors. which of the following is not a reason why elon musk is perceived to have significant power over tesla's board? 1. he is the founder of the firm and a successful entrepreneur, thus board members may be hesitant to challenge him.2. as the ceo and chairman of the firm he can easily determine what the board should discuss and how it should vote on strategic issues.3. all board members, except for kimbal, have been appointed to the board during elon's tenure.4. many of the firm's directors are outsider investment managers whose interests would not be aligned with those of firms' shareholders.

Abond is issued for less than its face value. which statement most likely would explain why? a. the bond's contract rate is higher than the market rate at the time of the issue. b. the bond's contract rate is the same as the market rate at the time of the issue. c. the bond's contract rate is lower than the market rate at the time of the issue. d. the bond isn't secured by specific assets of the corporation.

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