Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $225,000 in return for 50 percent of the corporations stock. Hermione contributed a building and land with the following fair market values and adjusted tax bases in return for 50 percent of the corporations stock: (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.)

	FMV	Adjusted Tax Basis
Building	$ 84,375	$ 22,500
Land	196,875	90,000
Total	$ 281,250	$ 112,500

To equalize the exchange, Wizard Corporation paid Hermione $56,250 in addition to her stock.

Assume Hermiones adjusted tax basis in the land was $225,000. f. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize?