Exercise 12-3 (Algorithmic) (LO. 3, 4) Jocelyn contributes land with a basis of $63,500 and fair market value of $95,250 and inventory with a basis of $27,400 and fair market value of $41,100 in exchange for 100% of Zion Corporation stock. The land is subject to a $15,875 mortgage.Determine Jocelyn's recognized gain or loss and the basis in the Zion stock received.the exchange? - tax-free under 351 because the release of a liability is not a result treated as boot under 357(a). As a result, Jocelyn has income of$? And a basis $? In her stock