Business, 30.05.2020 00:01 walkerrwilson

Harry, Hermione, and Ron formed an S corporation called Bumblebore. Harry and Hermione both contributed cash of $33,900 to get things started. Ron was a bit short on cash but had a parcel of land valued at $86,400 (basis of $67,800) that he decided to contribute. The land was encumbered by a $52,500 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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