Harry, hermione, and ron formed an s corporation called bumblebore. harry and hermione both contributed cash of $33,100 to get things started. ron was a bit short on cash but had a parcel of land valued at $76,800 (basis of $66,200) that he decided to contribute. the land was encumbered by a $43,700 mortgage. what tax bases will each of the three have in his or her stock of bumblebore?

The cook corporation has two divisions--east and west. the divisions have the following revenues and expenses: east west sales $ 603,000 $ 506,000 variable costs 231,000 300,000 traceable fixed costs 151,500 192,000 allocated common corporate costs 128,600 156,000 net operating income (loss) $ 91,900 $ (142,000 ) the management of cook is considering the elimination of the west division. if the west division were eliminated, its traceable fixed costs could be avoided. total common corporate costs would be unaffected by this decision. given these data, the elimination of the west division would result in an overall company net operating income (loss)