Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $380,000 in return for 50 percent of the corporations stock. Hermione contributed a building and land with the following fair market values and adjusted basis in return for 50 percent of the corporations stock:

	FMV			Tax-Adjusted Basis
Building		216,000			54,000
Land		324,000			216,000
Total	$	540,000		$	270,000

To equalize the exchange, Wizard Corporation paid Hermione $160,000 in addition to her stock. (Leave no answer blank. Enter zero if applicable. Negative amounts should be indicated by a minus sign.)

e. What adjusted basis does Wizard Corporation take in the land and building received from Hermione? (Do not round intermediate calculations.)

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.) Assume Hermiones adjusted basis in the land was $380,000.

g. What adjusted basis does Wizard Corporation take in the land and building received from Hermione? Assume Hermiones 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? Assume Hermiones adjusted basis in the land was $540,000.

i. What adjusted basis does Wizard Corporation take in the land and building received from Hermione? Assume Hermiones adjusted basis in the land was $540,000.