Cynthia contributes land with a basis of $60,000 and fair market value of $90,000 and inventory with a basis of $5,000 and a fair market vale of $8,000 in exchange for 100% of Underwood Corporation stock. The land is subject to a $15,000 mortgage which is assumed by Underwood Corporation. Showing your calculations determine:

Cynthias recognized gain or loss.

Cynthias basis in the Underwood Corporation stock.