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(The following information applies to the questions displayed below.] Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $210,000 in return
(The following information applies to the questions displayed below.] Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $210,000 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 FMV $ 78,750 183,750 $ 262,500 Adjusted Tax Basis $ 21,000 84,000 $ 105,000 Total To equalize the exchange, Wizard Corporation paid Hermione $52,500 in addition to her stock. e. What adjusted tax basis does Wizard Corporation take in the land and building received from Hermione? X Answer is not complete. Land Building 15,144 Adjusted tax basis $
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