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fiasKO [112]
3 years ago
13

Harry, Hermione, and Ron formed an S corporation called Bumblebore. Harry and Hermione both contributed cash of $29,400 to get t

hings started. Ron was a bit short on cash but had a parcel of land valued at $69,800 (basis of $58,800) that he decided to contribute. The land was encumbered by a $40,400 mortgage. What tax bases will each of the three have in his or her stock of Bumblebore?
Business
1 answer:
Anna007 [38]3 years ago
6 0

Answer:

$29,400; $29,400 and $18,400

Explanation:

Value of parcel of land = $69,800 with a basis = $58,800

Harry's basis is equal to cash contributed which is $29,400

Hermione's basis is equal to cash contributed which is $29,400

Ron's basis = Basis of parcel of land - Mortgage value

                   = $58,800 - $40,400

                   = $18,400

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