$15$

Problem $22-54($LO $22-4)($Algo$)$

$3\mathrm{.}44$

points

Harriet, Herm, and Ronde formed an S corporation called Innovet. Harriet and Herm both contributed cash of $$28,500$ to get things started. Ronde was a bit short on cash but had a parcel of land valued at $$70,000($basis of $$57,000)$ that he decided to contribute. The land was encumbered by a $$41,500$ mortgage. What tax bases will each of the three have in his or her stock of Innovet?

$\backslash$table$[[,$Tax Basis$],[$Harriet$,],[$Herm$,],[$Ronde$,]]$

References