Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $380,000 in return for 50 percent of the corporations stock. Hermione contributed a building and land with the following fair market values and adjusted bases in return for 50 percent of the corporations stock:

	FMV			Tax-Adjusted Basis
Building	$	216,000		$	54,000
Land		324,000			216,000
Total	$	540,000		$	270,000

To equalize the exchange, Wizard Corporation paid Hermione $160,000 in addition to her stock.

Assume Hermiones adjusted basis in the land was $380,000. f. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize?