Harry, Hermione, and Ron formed an S corporation called Bumblebore. Harry and Hermione both contributed cash of $33,500 to get things started. Ron was a bit short on cash but had a parcel of land valued at $78,100 (basis of $67,000) that he decided to contribute. The land was encumbered by a $44,600 mortgage. What tax bases will each of the three have in his or her stock of Bumblebore?

Which of the statements best describes why the aggregate demand curve is downward sloping? an increase in the aggregate price level causes consumer and investment spending to fall, because consumer purchasing power decreases and money demand increases. as the aggregate price level increases, consumer expectations about the future change. as the aggregate price level decreases, the stock of existing physical capital increases. as a good's price increases, holding all else constant, the good's quantity demanded decreases.