Ramona and Hermione formed Wiley 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:

FMV Adjusted Tax Basis

Building $ $103,125$ $ $27,500$

Land $240,625110,000$

Total $ $343,750$ $ $137,500$

To equalize the exchange, Wiley Corporation paid Hermione $$68,750$ in addition to her stock.

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?