Joe, Kyle, and Sebastian formed an S corporation called Crimson Tide, Inc. Joe and Kyle both contributed cash of $25,000 to get things started. Sebastian gambled a lot and was a bit short on cash but had a parcel of land in Michigan valued at $60,000 (basis of $50,000) that he decided to contribute. The land was encumbered by a $35,000 mortgage. What tax bases will each of the three have in their stock of Crimson Tide Inc