Module 8 Chapter 19 Homework Saved Hel 4 Required information The oowirng information applies to the questions displayed below. points Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of S200,000 in return for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and adjusted bases in return for 50 percent of the corporation's stock: 021719 Tax Adjusted Fasis 2e,00e FMV 5,80 eBook Building Land Totol $250,0a 182,80 To equalize the exchange, Wizard Corporation paid Hermione $50,000 in addition to her stock. (Leave no answer blank. Enter zero if applicable. Negative amounts 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? Gain or less realized Gain or loss recognized