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Ramona and Hermione formed Wley Corporation on January 2 Ramona contributed cash of $275.000 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: To equalize the exchange, Wiley Corporation paid Hermione $68.750 in addition to her stock. To equalize the exchange. Wiley Corporation paid Hermione $68,750 in addition to her stock. Required: a. What amount of gain or loss does Ramona realize on the formation of the corporation? What amount, if any, does Ramona recognize? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. b. What is Ramona'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. c. 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. d. What is Hermione's tax basis in the stock recelved 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. e. What adjusted tax basis does Wiley 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 adjusted tax basis in the land was $275,000 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. f. Assume Hermione's adjusted tax basis in the land was $275,000. 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. 9. Assume Hermione's adjusted tax basis in the land was $275,000. What adjusted tax basis does Wiley 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. h. Assume Hermione's adjusted tox basis in the land was $343,750. 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. i. Assume Hermione's adjusted tax basis in the land was $343.750 What adjusted tax basis does Wiley Corporation take in the land and building recelved from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. j. Assume Hermione's adjusted tox basis in the land was $343,750 What election can Hermione and Wiley Corporation make to allow Wiley Corporation to take a carryover basis in the land

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