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 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.) Adjusted Tax TV Basis Building $ 75,000 $ 20,000 Land 175,000 80,000 Total $ 250,000 $100,000 To equalize the exchange. Wizard Corporation pold Hermione $50,000 in addition to her stock. Assume Hermione's adjusted tax basis in the land was $250,000 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 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 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.) Adjusted Tax FMV 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 Hermione's adjusted tax basis in the land was $250,000, 1. What adjusted tax basis does Wizard Corporation take in the land and building received from Hermione? Land Building Adjusted tax basis