Ramona and Hermione formed Wiley Corporation on January $2.$ Ramona 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:

FMV Adjusted Tax Basis

Building $ $75,000$ $ $20,000$

Land $175,00080,000$

Total $ $250,000$ $ $100,000$

To equalize the exchange, Wiley Corporation paid Hermione $$50,000$ in addition to her stock.

Req property to the corporation?

Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.

What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize?

Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.

What is Hermione's tax basis in the stock received in return for the contribution of property to the corporation?

Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.

Assume Hermione's adjusted tax basis in the land was $$250,000.$

What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize?

Assume Hermione's adjusted tax basis in the land was $$250,000.$

What adjusted tax basis does Wiley Corporation take in the land and building received from Hermione?