Jocelyn contributes land with a basis of $39,500 and fair market value of $59,250 and inventory with a basis of $19,600 and fair market value of $29,400 in exchange for 100% of Zion Corporation stock. The land is subject to a $9,875 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 $fill in the blank _____? and a basis $fill in the blank 4______? in her stock.