Jocelyn contributes land with a basis of $42,500 and fair market value of $63,750 and inventory with a basis of $7,000 and fair market value of $10,500 in exchange for 100% of Zion Corporation stock. The land is subject to a $10,625 mortgage.

If an amount is zero, enter "0".

The exchangeistax-free under 351 because the release of a liabilityis nottreated as boot under 357(a). As a result, Jocelyn has income of $_______and a basis $___________in her stock.