Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $35,000 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 ofthe corporation's stock: Adjusted Tax Fl'i'ii Basis Building s 133.125 5 23539: Land 24% 625 116,000 Total ti; 343J?50 5 13?,500 To equalize the exchange. Wiley Corporation paid Hermione $68,?50 in addition to her stock. Required: a. What amount of gain or loss does Ramona reaiize 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 reaiize 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. Drau 1 t" '7 E:E Mavi- \\ A Grades for Mohamad | X Question 1 - 3-3 Asses X 9 New Tab X Z 23/SP-ACCT-425-Q2V x Spring 2023 ACC425 1 X Dashboard X + V X ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmidd... @ @ * 3-3 Assessment Problems Saved Help Save & Exit Submit Check my work 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 recognize? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. 24 points g. Assume Hermione's adjusted tax basis in the land was $275,000. eBook 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. Print References h. Assume Hermione's adjusted tax basis in the land was $343,750. 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. i. Assume Hermione's adjusted tax basis in the land was $343,750. 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. 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 carryover basis in the land? Complete this question by entering your answers in the tabs below. Required A |Required B |Required C |Required D |Required E Required F |Required G |Required H |Required I Required ] Mc Graw Hill 19 41'F Temps plummet Search LO S 99+ 8:35 PM 3/5/2023 24