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Question - Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $180,000 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:
FMV
Tax-Adjusted Basis
Building
$96,000
$24,000
Land
144,000
96,000
Total
$240,000
$120,000
To equalize the exchange, Wizard Corporation paid Hermione $60,000 in addition to her stock.
Required - What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize?
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