38. 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 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? spilker, brian; spilker, brian. mcgraw-hill's taxation of individuals and business entities 2020 edition (page 20-40). mcgraw-hill higher education. kindle edition.

(05.04 mc) a 2012 report from the u.s. surgeon general stated: "another common practice is strategically locating tobacco-related marketing materials where young children will be exposed to them. tobacco industry executives acknowledge that products and advertising should be placed at eye level (pollay 2007), but in california, 48% of stores had at least one cigarette marketing item at or below 3 feet from the floor (feighery et al. 2001)." it was also noted that 25% of cigarette displays were next to candy. in addition, a national study found that about one-third of the stores had tobacco ads at low heights. after california banned counter displays, some stores place cigarettes in transparent displays so product brands could still be seen. why did some stores use transparent units to display the cigarettes? (3 points) to comply with the new rules while still encouraging cigarette purchases via visual exposure to ensure children and minors are not exposed to cigarettes and their eye-catching packaging to minimize exposure to humidity, extending the shelf life of the cigarettes' tobacco to reduce the occurrence of shoplifting, since cigarettes are high-revenue items