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At the beginning of the year, Harold, Missy, and Ranae formed HMR Corporation as an S corporation. For one-third of the HMR stock, Harold contributed $50,000 cash and land with a fair market value of $75,000 and adjusted tax basis of $60,000. The land was subject to a $45,000 mortgage, which was assumed by HMR on the formation. Missy and Ranae each contributed $80,000 cash to HMR for one-third of the HMR stock. What is Harold's basis in the HMR stock after the formation? What is Missy's basis in her HMR stock after the formation?
Administrative Skills
Abilities related to managing operations, carrying out organizational policies, and ensuring the smooth functioning of businesses.
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A framework proposing three foundational skills necessary for effective management: technical, human, and conceptual skills.
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The objectives that a company aims to achieve, which can range from financial success to market dominance or innovation.
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