Ramona and Hermione formed Wiley Corporation on January $2.$ Ramona contributed cash of $$260,000$ 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:

$\backslash$table$[[,,$Adjusted Tax$],[,$FMV$,$Basis$],[$Building$,$$$97,500,$$$26,000$