Harriet, Herm, and Ronde formed an S corporation called Innovet. Harriet and Herm both contributed...
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Harriet, Herm, and Ronde formed an S corporation called Innovet. Harriet and Herm both contributed cash of $ to get things started. Ronde was a bit short on cash but had a parcel of land valued at $basis of $ that he decided to contribute. The land was encumbered by a $ mortgage. What tax bases will each of the three have in their stock of Innovet?
Harriet, Herm, and Ronde formed an S corporation called Innovet. Harriet and Herm both contributed cash of $ to get things started. Ronde was a bit short on cash but had a parcel of land valued at $basis of $ that he decided to contribute. The land was encumbered by a $ mortgage. What tax bases will each of the three have in their stock of Innovet?
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