Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $120,000 in return for 50 percent of the corporations stock. Hermione contributed a building and land with the following fair market values and adjusted basis in return for 50 percent of the corporations stock:

	FMV			Tax-Adjusted Basis
Building		72,000			18,000
Land		108,000			72,000
Total	$	180,000		$	90,000

To equalize the exchange, Wizard Corporation paid Hermione $60,000 in addition to her stock. (Leave no answer blank. Enter zero if applicable. Negative amounts should be indicated by a minus sign.)

a. What amount of gain or loss does Ron realize on the formation of the corporation? What amount, if any, does he recognize?