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21 Check my work Part 7 of 10 0.74 points eBook ! Required information [The following information applies to the questions displayed below.] Ron
21 Check my work Part 7 of 10 0.74 points eBook ! Required information [The following information applies to the questions displayed below.] Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $205,000 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 FMV $ 76,875 179,375 Adjusted Tax Basis $ 20,500 82,000 Print Total $ 256,250 $ 102,500 To equalize the exchange, Wizard Corporation paid Hermione $51,250 in addition to her stock. References Assume Hermione's adjusted tax basis in the land was $205,000. g. What adjusted tax basis does Wizard Corporation take in the land and building received from Hermione? Land Building Adjusted tax basis
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