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Ramona and Hermione formed Wiley Corporation on January 2 . Ramona contributed cash of $ 2 7 5 , 0 0 0 in return for
Ramona and Hermione formed Wiley Corporation on January Ramona contributed cash of $ in return for percent of the corporations stock. Hermione contributed a building and land with the following fair market values and adjusted tax bases in return for percent of the corporations stock:
FMV Adjusted Tax Basis
Building $ $
Land
Total $ $
To equalize the exchange, Wiley Corporation paid Hermione $ in addition to her stock.
f Assume Hermione's adjusted tax basis in the land was $
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