23 rt 9 of 10 Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $200,000 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.) nts eBook Adjusted FMV Tax Basis 175,000 $ 20,000 80,000 Building $ 75,000 Land Total $ 250,000 $ 100,000 To equalize the exchange, Wizard Corporation paid Hermione $50,000 in addition to her stock. Print ferences Problem 19-43 Part i (Static) Assume Hermione's adjusted tax basis in the land was $250,000. i. What adjusted tax basis does Wizard Corporation take in the land and building received from Hermione? Land Adjusted tax basis S Building 35,000