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Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $215,000 in return for 50 percent of the corporation's stock. Hermione contributed

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Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $215,000 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: To equalize the exchange, Wiley Corporation paid Hermione $53,750 in addition to her stock. a. 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. b. 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. c. 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. d. 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. e. 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. Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $215,000 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: To equalize the exchange, Wiley Corporation paid Hermione $53,750 in addition to her stock. a. 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. b. 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. c. 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. d. 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. e. 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

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