Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $260,000 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: Building Land Total FMV $152,880 228,880 $380,880 Tax- Adjusted Basis $ 38,000 152.000 $190,000 To equalize the exchange, Wizard Corporation paid Hermione $120,000 in addition to her stock. c. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize? (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $260,000 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: Building Land Total FMV $152,000 228.000 $380,000 Adjusted bas15 $ 38,080 152,000 $ 190,000 To equalize the exchange. Wizard Corporation paid Hermione $120,000 in addition to her stock. d. What is Hermione's tax basis in the stock she receives in return for her contribution of property to the corporation? (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $260,000 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 Building Land Total FMV $152,000 228.000 $380,000 Adjusted Basis $ 38,000 152.000 $190,000 To equalize the exchange. Wizard Corporation paid Hermione $120,000 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.) Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $260,000 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 Building Land Total FMV $152,000 228,000 $380,000 Tax Adjusted Basis $ 38,000 152,000 $190,000 To equalize the exchange, Wizard Corporation paid Hermione $120,000 in addition to her stock. Assume Hermione's adjusted basis in the land was $260,000. f. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize? (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) Activate Wil Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $260,000 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 Building Land Total FMV $152,000 228,000 $380,000 Adjusted Basis $ 38,000 152,000 $190,000 To equalize the exchange, Wizard Corporation paid Hermione $120,000 in addition to her stock. Assume Hermione's adjusted basis in the land was $260.000. 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.) Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $260,000 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: Building Land Total FMV $152,800 228,eee $380,000 Tax- Adjusted Basis $ 38,888 152,000 $190,000 To equalize the exchange, Wizard Corporation paid Hermione $120,000 in addition to her stock. Assume Hermione's adjusted basis in the land was $380,000. h. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize? (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) Activate W Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $260,000 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: Building Land Total FMV $152,000 228.000 $380,000 Adjusted Basis $ 38,000 152.000 $190,000 To equalize the exchange, Wizard Corporation paid Hermione $120,000 in addition to her stock. Assume Hermione's adjusted basis in the land was $380,000. 1. What adjusted basis does Wizard Corporation take in the land and building received from Hermione? (Leave no answer blank. Enter zero if applicable. Neqative amount should be indicated by a minus sign.) to
