Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $275,000 in teturn for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and adilusted tax bases in retim for 50 percent of the corporation's stock: To equalize the exchange, Wiley Corporation paid Hermione $68,750 in addition to her stock. Required: f. Assume Hermione's adjusted tax basis in the land was $275,000. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognite? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. 9. Assume Hermione's adjusted tax basis in the land was $343,750. What adjusted tax basis does Wiley Corporation take in the land and bulding received from Hermione? Note: Leave no onswer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. h. Assume Hermlone's adjusted tax basis in the land was $343,750. What amount of gain or loss does Hermione realize on the formation of the corponation? What amount, if any does she recogncre? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicoted by o minus sign. 1. Assume Hermione's adjusted tax basis in the land was $343,750. What adjusted tax basis does Wiley Corporation take in the land and bullding received from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. J. Assume Hermione's adjusted tax basis in the land was $343.750. What election can Hermione and Wiley Corporation make to allow Wiley Corporation to take a carryoves basis in the land? Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $275,000 in teturn for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and adilusted tax bases in retim for 50 percent of the corporation's stock: To equalize the exchange, Wiley Corporation paid Hermione $68,750 in addition to her stock. Required: f. Assume Hermione's adjusted tax basis in the land was $275,000. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognite? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. 9. Assume Hermione's adjusted tax basis in the land was $343,750. What adjusted tax basis does Wiley Corporation take in the land and bulding received from Hermione? Note: Leave no onswer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. h. Assume Hermlone's adjusted tax basis in the land was $343,750. What amount of gain or loss does Hermione realize on the formation of the corponation? What amount, if any does she recogncre? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicoted by o minus sign. 1. Assume Hermione's adjusted tax basis in the land was $343,750. What adjusted tax basis does Wiley Corporation take in the land and bullding received from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. J. Assume Hermione's adjusted tax basis in the land was $343.750. What election can Hermione and Wiley Corporation make to allow Wiley Corporation to take a carryoves basis in the land
