Required information [The following information applies to the questions displayed below.] Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $215,000 in return for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and adjusted basis in return for 50 percent of the corporation's stock: Building Land Total FMV 120,000 180,000 $300,000 Tax- Adjusted Basis 30,000 120,000 $150,000 To equalize the exchange, Wizard Corporation paid Hermione $85,000 in addition to her stock. (Leave no answer blank. Enter zero if applicable. Negative amounts should be indicated by a minus sign.) Assume Hermione's adjusted basis in the land was $215,000. f. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize? (Do not round intermediate calculations.) Gain or loss realized Gain or loss recognized Required information [The following information applies to the questions displayed below.] Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $215,000 in return for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and adjusted basis in return for 50 percent of the corporation's stock: Building Land Total FMV 120,000 180,000 $300,000 Tax- Adjusted Basis 30,000 120,000 $150,000 To equalize the exchange, Wizard Corporation paid Hermione $85,000 in addition to her stock. (Leave no answer blank. Enter zero if applicable. Negative amounts should be indicated by a minus sign.) Assume Hermione's adjusted basis in the land was $215,000. f. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize? (Do not round intermediate calculations.) Gain or loss realized Gain or loss recognized