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Ron and Hermione formed Wizard Corporation on January 2 Ron contributed cash of $340,000 in return for 50 percent of the corporation's stock. Hermione contributed
Ron and Hermione formed Wizard Corporation on January 2 Ron contributed cash of $340,000 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 Tax Adjusted FMV Basis $176,000 $ 44,000 264,000 176,000 5440,000 $220,000 To equalize the exchange. Wizard Corporation paid Hermione $100,000 in addition to her stock. Assume Hermione's adjusted basis in the land was $340,000. 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.)
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