Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $285,000 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 Building Land $ 106,875 249,375 Adjusted Tax Basis $ 28,500 114,000 Total $ 356,250 $ 142,500 To equalize the exchange, Wiley Corporation paid Hermione $71,250 in addition to her stock. Required: 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. 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.