Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $225,000 in...
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Ramona and Hermione formed Wiley Corporation on January Ramona contributed cash of $ in return for percent of the corporations stock. Hermione contributed a building and land with the following fair market values and adjusted tax bases in return for percent of the corporations stock: FMV Adjusted Tax Basis Building $ $ Land Total $ $ To equalize the exchange, Wiley Corporation paid Hermione $ in addition to her stock. a What amount of gain or loss does Ramona realize on the formation of the corporation? What amount, if any, does Ramona recognize?
Ramona and Hermione formed Wiley Corporation on January Ramona contributed cash of $ in return for percent of the corporations stock. Hermione contributed a building and land with the following fair market values and adjusted tax bases in return for percent of the corporations stock:
FMV Adjusted Tax Basis
Building $ $
Land
Total $ $
To equalize the exchange, Wiley Corporation paid Hermione $ in addition to her stock.
a What amount of gain or loss does Ramona realize on the formation of the corporation? What amount, if any, does Ramona recognize?
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