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 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.) Building Land Total FMV $ 80,625 188, 125 $ 268,750 Adjusted Tax Basis $ 21,500 86,000 $ 107,500 To equalize the exchange, Wizard Corporation paid Hermione $53,750 in addition to her stock. Assume Hermione's adjusted tax basis in the land was $268,750. h. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize? $ 21,500 Gain or loss realized Gain or loss recognized $ 0 Assume Hermione's adjusted tax basis in the land was $268,750. i. What adjusted tax basis does Wizard Corporation take in the land and building received from Hermione? Land Building $ Adjusted tax basis $ 268,750 0