Jocelyn contributes land with a basis of $33,500 and fair market value of $50,250 and inventory with a basis of $7,600 and fair market value of $11,400 in exchange for 100% of Zion Corporation stock. The land is subject to a $8,375 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 is tax-free under 351 because the release of a liability is not treated as boot under 357(a). As a result, Jocelyn has income of --------------$ and a basis $ -----------------in her stock.