Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $255,000 in return for 50 percent of the corporations stock. Hermione contributed a building and land with the following fair market values and adjusted tax bases in return for 50 percent of the corporations stock: FMV Adjusted Tax Basis Building $ 95,625 $ 25,500 Land 223,125 102,000 Total $ 318,750 $ 127,500 To equalize the exchange, Wiley Corporation paid Hermione $63,750 in addition to her stock. Required: What amount of gain or loss does Ramona realize on the formation of the corporation? What amount, if any, does Ramona recognize? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. What is Ramona'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. 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. What adjusted tax basis does Wiley Corporation take in the land and building received from Hermione? 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 $255,000. 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. Assume Hermione's adjusted tax basis in the land was $255,000. What adjusted tax basis does Wiley Corporation take in the land and building received from Hermione? 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 $318,750. 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. Assume Hermione's adjusted tax basis in the land was $318,750. What adjusted tax basis does Wiley Corporation take in the land and building received from Hermione? 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 $318,750. What election can Hermione and Wiley Corporation make to allow Wiley Corporation to take a carryover basis in the land