Ramona and Hermione formed Wiley Corporation on January 2 Ramona cantributed cash of 52/5,000 in refum for 50 percent of the corporation's stock. Hermione contributed a bulding and hand wibh the following fair market valuest and dd usted tax bases in tetiarm for 50 percent of the corporation's stock. To equalize the exchange. Wiley Corporation paid Hermione $68750 in addition to her stock Required: a. What amount of goin or loss does Ramona realize on the fotmation of the corporation? What amount, if any, does Ramona. Note: Leave no answer blank. Enter zero if applicable. Negetive amount should be indicated by a minus algn. recognize? b. What is Ramona's tax bosis in the stock recelved in return for the contribution of property to the corporation? Notez 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 armount, if any, doess she recognize? Note: Leave no answer blank. Enter tero if applicabie. 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 Whiey Corporation take in the land and building received from thermione? Note: Leave no answer blank. Enter zero if applicable. Negotive amount should be indicated by a minus sign. C. Assume Hermionebs adjusted tax basis in the land was $275.000. What amount of gain of lobs does Hermione realize on the formation of the corporation? What annount, if ary, does she tecognie? Note: Leave no answer blank. Enter rero if applicable. Negative amount should be indicated by a minut sign. 9. Ansume Hermione's adjusted tax basis in the land was $275,000 What adjusted tax basis does Wiley Corporation take in the land and building received from Hermione? Note: Leave no answer blank. Enter xero if applicable. Negative amount should be indicated by a minus aign. h. Assume Hermione's adjusted rax basis in the land was 5343.750 What amount of gain or loss does Hecmione realize on the formation of the corporation? What amount, if any. does she recoignize? 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 iand and builing recelved 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 iand
