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Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $260,000 in...

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Accounting

Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $260,000 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:
\table[[,,Adjusted Tax],[Building,FMV,Basis],[Land,$97,500,$26,000
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