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? Harriet Herm Ronde Tax Basis