Jocelyn contributes land with a basis of $38,000 and fair market value of $57,000 and inventory with a basis of $14,800 and fair market value of $22,200 in exchange for 100% of Zion Corporation stock. The land is subject to a $9,500 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 $ 357(a). As a result, Jocelyn has income of and a basis si treated as boot under in her stock The exchange tax-free ur 357(a). As a result has income of $| is is not Jocelyn contributes land with a basis of $38,000 and fair market value of $57,000 and inventory with a basis of $14,800 and fair market value of $22,200 in exchange for 100% of Zion Corporation stock. The land is subject to a $9,500 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 $ 357(a). As a result, Jocelyn has income of and a basis si treated as boot under in her stock The exchange tax-free ur 357(a). As a result has income of $| is is not