Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $205,000 in return for 50 percent of the corporations stock. Hermione contributed a building and land with the following fair market values and adjusted tax bases in return for 50 percent of the corporations stock: FMV Adjusted Tax Basis Building $ 76,875 $ 20,500 Land 179,375 82,000 Total $ 256,250 $ 102,500 To equalize the exchange, Wiley Corporation paid Hermione $51,250 in addition to her stock.

Assume Hermione's adjusted tax basis in the land was $256,250. What adjusted tax basis does Wiley Corporation take in the land and building received from Hermione?