Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $295,000 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 $ 110,625 $ 29,500 Land 258,125 118,000 Total $ 368,750 $ 147,500 To equalize the exchange, Wiley Corporation paid Hermione $73,750 in addition to her stock. h. Assume Hermione's adjusted tax basis in the land was $368,750. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize