Ron and Hermione formed Wizard Corporation on January 2 Ron contributed cash of $245,000 in return for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and tax basis in return for 50 percent of the corporation's stock: To equalize the exchange. Wizard Corporation paid Hermione $61,250 in addition to her stock Required: a. What amount of gain or loss does Ron recognize on the formation of the corporation? Note: Leave no answer blank. Enter zero if applicable. Negative omount should be indicated by a minus sign. b. What is Ron's tax basis in the stock received in return for the contribution of property to the corporation? Note: Leave no onswer blank. Enter zero if applicable. Negotive omount should be indicated by o minus sign. c. What amount of gain or loss does Hermione recognize on the formation of the corporation? Note: Leave no answer blank. Enter zero if applicable. Negotive amount should be indicated by a minus sign. d. What is Hermione's tax basis in the stock received in return for the contribution of property to the corporation? 1. What is Hermione's tax basis in the stock received in return for the contribution of property to the corporation? Note: Leave no answer blank. Enter zero if applicoble. Negative amount should be indicated by a minus sign. e. What tax basis does Wizard Corporation take in the land and building received from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. f. Assume Hermione's tax basis in the land was $245,000 What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recogniz Note: Leave no answer blank. Enter zero if applicable. Negotive amount should be indicated by a minus sign. 9. Assume Hermiones tax basis in the land was $245.000 What tax basis does Wizard Corporation take in the land and buiting received from Hermione? Note: Leave no onswer blank. Enter zero if applicable. Negotive amount should be indicated by a minus sign. What tax basis does Wizard Corporation take in the land and building received from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative omount should be indicated by o minus sign. Complete this question by entering your answers in the tabs below. What amount of gain or loss does Hermione recognize on the formation of the corporation? Note: Leave no answer blank. Enter zero if applicable, Negative amount should be indicated by a minus sign. What tax basis does Wizard Corporation take in the land and building received from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Complete this question by entering your answers in the tabs below. What is Hermione's tax basis in the stock received in return for the contribution of property to the corporation? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. That tax basis does Wizard Corporation take in the land and building received from Hermione? ote: Leave no onswer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Complete this question by entering your answers in the tabs below. Assume Hermione's tax basis in the land was $245,000. What tax basis does Wizard Corporation take in the land and buliding received from Hermione? What tax basis does Wizard Corporation take in the land and building recelved from Hermione? What tax basis does Wizard Corporation take in the land and building received from Hermione? lote: Leove no onswer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Complete this question by entering your answers in the tabs below. Assume Hermione's tax basis in the land was $245,000. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. What tax basis does Wizard Corporation take in the land and building received from Hermione? Note: Leove no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Complete this question by entering your answers in the tabs below. Assume Hermione's tax basis in the land was $245,000. What tax basis does Wizard Corporation take in the land and building received from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign
