I have figured out the loss realized, but cannot for the life of me figure out the loss or gain recognized. Can you post step by step how you get your answer? I have already tried entering 0 as the recognized amount but that is not correct. I have also posted this question once before and the person who responded only reiterated the problem to me and gave no steps or answers. PLEASE HELP!

Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $205,000 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: Assume Hermione's adjusted tax basis in the land was $256,250. 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