Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $285,000 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: (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) Building Land FMV $ 106,875 249,375 $ 356,250 Adjusted Tax Basis $ 28,500 114,000 $ 142,500 Total To equalize the exchange, Wizard Corporation paid Hermione $71,250 in addition to her stock. Assume Hermione's adjusted tax basis in the land was $356,250. h. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize? Gain or loss realized $ 114,000 21,375 Gain or loss recognized $