Required information [The following information applies to the questions displayed below.] Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $275,000 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: Building Land Total FMV $ 103,125 240,625 $ 343,750 Adjusted Tax Basis $ 27,500 110,000 $ 137,500 To equalize the exchange, Wiley Corporation paid Hermione $68,750 in addition to her stock. f. Assume Hermione's adjusted tax basis in the land was $275,000. 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. Gain or loss realized Gain or loss recognized