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 175,000 80,000 Total $ 250,000 $ 100,000 To equalize the exchange, Wiley Corporation paid Hermione $50,000 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 $200,000. 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 $200,000. 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 $250,000. 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 $250,000. 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 $250,000. What election can Hermione and Wiley Corporation make to allow Wiley Corporation to take a carryover basis in the land