Ramona and Hermione formed Wiley Corporation on January $2.$ Ramona contributed cash of $$225,000$ in return for $50$ percent of the corporation$$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 $ $84,375$ $ $22,500$

Land $196,87590,000$

Total $ $281,250$ $ $112,500$

To equalize the exchange, Wiley Corporation paid Hermione $$56,250$ in addition to her stock.

a$.$ What amount of gain or loss does Ramona realize on the formation of the corporation? What amount, if any, does Ramona recognize?