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Required information Skip to question [ The following information applies to the questions displayed below. ] Ramona and Hermione formed Wiley Corporation on January 2
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The following information applies to the questions displayed below.
Ramona and Hermione formed Wiley Corporation on January Ramona contributed cash of $ in return for percent of the corporations stock. Hermione contributed a building and land with the following fair market values and adjusted tax bases in return for percent of the corporations stock:
FMV Adjusted Tax Basis
Building $ $
Land
Total $ $
To equalize the exchange, Wiley Corporation paid Hermione $ in addition to her stock.
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.
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