Ramona and Hermione formed Wiley Corporation on January $2.$ Ramona

contributed cash of $$200,000$ 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 $$50,000$ in addition to

her stock.

What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize?