Exercise $18-21($LO$.1,2,3)$

Jocelyn contributes land with a basis of $$60,000$ and fair market value of $$90,000$ and inventory with a basis of $$5,000$ and fair market value of $$8,000$ in exchange for $100\%$ of Zion Corporation stock. The land is subject to a $$15,000$ mortgage.

Determine Jocelyn's recognized gain or loss and the basis in the Zion stock received.

If an amount is zero, enter $"0".$

The exchange $$ tax$-$free under $351$ because the release of a liability $$ treated as boot under $357($a$).$ As a result, Jocelyn has income of $ $$ and a basis $ $$ in her stock.

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