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Harriet, Herm, and Ronde formed an S corporation called Innovet. Harriet and Herm both contributed cash of $ 4 2 , 4 0 0 to

Harriet, Herm, and Ronde formed an S corporation called Innovet. Harriet and Herm both contributed cash of $42,400 to get things started. Ronde was a bit short on cash but had a parcel of land valued at $103,300(basis of $84,800) that he decided to contribute. The land was encumbered by a $60,900 mortgage. What tax bases will each of the three have in their stock of Innovet?

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