14 ! Required information Part 6 of 10 [The following information applies to the questions displayed below.] 0.45 points Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $310,000 in return for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and adjusted tax bases in return for 50 percent of the corporation's stock: (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) Building Land Total FMV $ 116,250 271,250 $ 387,500 Adjusted Tax Basis $ 31,000 124,000 $ 155,000 To equalize the exchange, Wizard Corporation paid Hermione $77,500 in addition to her stock. Assume Hermione's adjusted tax basis in the land was $310,000. f. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize? Answer is complete but not entirely correct. Gain or loss realized $ 46,500 X Gain or loss recognized $ 77,500 X