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Harry, Hermione, and Ron formed an S corporation called Bumblebore. Harry and Hermione both contributed cash of $38,600 to get things started. Ron was a bit short on cash but had a parcel of land valued at $93,900 (basis of $77,200) that he decided to contribute. The land was encumbered by a $55,300 mortgage. What tax bases will each of the three have in his or her stock of Bumblebore?

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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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