Jocelyn contributes land with a basis of $26,000 and fair market value of $39,000 and inventory with a basis of $25,600 and fair market value of $38,400 in exchange for 100% of Zion Corporation stock. The land is subject to a $6,500 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 s and a basis $ in her stock