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Business, 16.11.2020 16:40 calebmoore925

Harry, Hermione, and Ron formed an S corporation called Bumblebore. Harry and Hermione both contributed cash of $29,500 to get things started. Ron was a bit short on cash but had a parcel of land valued at $71,600 (basis of $59,000) that he decided to contribute. The land was encumbered by a $42,100 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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