Required information [The following information applies to the questions displayed below Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $300,000 in return for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and adjusted bases in return for 50 percent of the corporation's stock Tax- Adjusted Basis $ 40,000 FHV $160,000 240,000 $400,000 Building Land 160,000 Total $200,000 To equalize the exchange, Wizard Corporation paid Hermione $100,000 in addition to her stock e. 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.) Land Building Adjusted basis Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $300,000 in return for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and adjusted bases in return for 50 percent of the corporation's stock Tax- Adjusted Basis $ 40,000 160,000 $200,000 FHV Building $160,000 240,000 $400,000 Land Total To equalize the exchange, Wizard Corporation paid Hermione $100,000 in addition to her stock Assume Hermione's adjusted basis in the land was $300,000. f, What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recoanize? (Leave no answer blank. Enter zero if opplicable. Negative amount should be indiceted by a minus sign.) Gain or loss realized Gain or loss recognized Assume Hermione's adjusted basis in the land was $300,000. 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 indiceted by a minus sign.) Building Land Adjusted basis