Required information [The following information applies to the questions displayed below.] Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $295,000 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: (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) Building Land: Total FMV $ 110,625 258,125 $ 368,750 Adjusted Tax Basis $ 29,500 118,000 $ 147,500 To equalize the exchange, Wizard Corporation paid Hermione $73,750 in addition to her stock. Chea Assume Hermione's adjusted tax basis in the land was $368,750. h. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize? Gain or loss realized Gain or loss recognized [The following information applies to the questions displayed below.] Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $295,000 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: (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) Building Land Total FMV 110,625 258,125 $368,750 Adjusted Tax Basis $ 29,500 118,000 $ 147,500 To equalize the exchange, Wizard Corporation paid Hermione $73,750 in addition to her stock. Gain or loss realized Gain or loss rednized Assume Hermione's adjusted tax basis in the land was $295,000. f. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize? Chec