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Business, 24.12.2019 02:31 sadelshariff

Harry, hermione, and ron formed an s corporation called bumblebore. harry and hermione both contributed cash of $34,000 to get things started. ron was a bit short on cash but had a parcel of land valued at $83,400 (basis of $68,000) that he decided to contribute. the land was encumbered by a $49,400 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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