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

Harry and Hermione $30,000

Ron’s $19,300

Explanation:

Calculation to determine What tax bases will each of the three have in his or her stock of Bumblebore

Based on the information given we were told that both Harry and Hermione contributed cash of the amount of $30,000 to get things started which means that Harry and Hermione TAX BASES will be $30,000

Calculation for Ron’s Tax bases

Using this formula

Ron’s Tax bases=Basis of the property contributed-Mortgage

Let plug in the formula

Ron’s Tax bases=$60,000-$40,700

Ron’s Tax bases=$19,300

Therefore Harry and Hermione tax based will be $30,000 and Ron’s Tax bases will be $19,300

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answer; ///i believe that the correct answer is (a) it is the means by which a person earns money;