Ramona and Hermione formed Wiley Corporation on January $2.$ Ramona contributed cash of $$270,000$ in return for $50$ percent of the corporation$$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 $ $101,250$ $ $27,000$

Land $236,250108,000$

Total $ $337,500$ $ $135,000$

To equalize the exchange, Wiley Corporation paid Hermione $$67,500$ in addition to her stock.

f$.$ Assume Hermione's adjusted tax basis in the land was $$270,000.$

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

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

h$.$ Assume Hermione's adjusted tax basis in the land was $$337,500.$

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

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