harriet, herm, and ronde formed an s corporation called innovet. harriet and herm both contributed cash of $36,700 to get things started. ronde was a bit short on cash but had a parcel of land valued at $85,700 (basis of $73,400) that he decided to contribute. the land was encumbered by a $49,000 mortgage. what tax bases will each of the three have in his or her stock of innovet?
