Jocelyn contributes land with a basis of $23,000 and fair market value of $34,500 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 $5,750 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 and a basis s 357(a). As a result, Jocelyn has income of treated as boot under in her stock.