Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $180,000 in return for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and adjusted bases in return for 50 percent of the corporation's stock:

FMVTax-Adjusted BasisBuilding$96,000$24,000Land144,00096,000Total$240,000$120,000

To equalize the exchange, Wizard Corporation paid Hermione $60,000 in addition to her stock.

Assume Hermione's adjusted basis in the land was $240,000.

h.What amount of gain or loss does Hermionerealizeon the formation of the corporation? What amount, if any, does sherecognize?(Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.)