Business
Business, 16.04.2021 02:00, kingjames82

Harry, Hermione, and Ron formed an S corporation called Bumblebore. Harry and Hermione both contributed cash of $30,000 to get things started. Ron was a bit short on cash but had a parcel of land valued at $70,700 (basis of $60,000) that he decided to contribute. The land was encumbered by a $40,700 mortgage. What tax bases will each of the three have in his or her stock of Bumblebore

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Harry, Hermione, and Ron formed an S corporation called Bumblebore. Harry and Hermione both contribu...

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