Harry, hermione, and ron formed an s corporation called bumblebore. harry and hermione both contributed cash of $29,400 to get things 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?

$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

x=3

step-by-step explanation:

this is really simple i saw that there was only one term (5x) and thought if that was 15 what would i have to multiply everything else to get it there? well if 5x became 15 then x would have to be 3 so plug the 3 in the x for the other equations and you get 15 for the other ones. so there you go. : )