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Ramona and Hermione formed Wiley Corporation on January $2.$ Ramona contributed cash of $$205,000$ in return for $50$ percent of the corporation$$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 $ $76,875$ $ $20,500$

Land $179,37582,000$

Total $ $256,250$ $ $102,500$

To equalize the exchange, Wiley Corporation paid Hermione $$51,250$ in addition to her stock.

c$.$ What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize?

Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.