Required information

[The following information applies to the questions displayed below.] Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $200,000 in return for 50 percent of the corporations stock. Hermione contributed a building and land with the following fair market values and adjusted bases in return for 50 percent of the corporations stock:

	FMV			Tax-Adjusted Basis
Building	$	75,000		$	20,000
Land		175,000			80,000
Total	$	250,000		$	100,000

To equalize the exchange, Wizard Corporation paid Hermione $50,000 in addition to her stock.

Assume Hermiones adjusted basis in the land was $200,000. g. What adjusted basis does Wizard Corporation take in the land and building received from Hermione? (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.)

Adjusted basis: Land : ----------? building: $35,000