Ramona and Hermlone formed Wiley Corporation on January 2 . Ramona contrlbuted cash of $275,000 in return for 50 percent of the corporation's stock. Hermione contrlbuted a bullding and land with the following fair market values and adjusted tax bases In return for 50 percent of the corporation's stock: To equalize the exchange, Wiley Corporation paid Hermione $68,750 in addition to her stock. Required: a. What amount of gain or loss does Ramona realize on the formation of the corporatlon? 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 recelved In return for the contrlbutlon 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 formatlon of the corporatlon? 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 recelved in return for the contrlbutlon 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 Wley Corporation take in the land and bullding recelved from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. 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. g. Assume Hermione's adjusted tax basis in the land was $275,000. What adjusted tax basis does Wiley Corporation take in the land and bullding recelved from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Assume Hermlone's adjusted tax basis in the land was $343,750. What amount of gain or loss does Hermlone realize on the formation of the corporation? What amount, if any, does she recognize? Note: Leave no answer blank. Enter zero if applicable. Negatlve amount should be Indicated by a minus sign. 1. Assume Hermione's adjusted tax basis in the land was $343,750. What adjusted tax basls does Wiley Corporation take in the land and bullding recelved from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negatlve amount should be Indicated by a minus sign. J. Assume Hermlone'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