Jocelyn contributes land with a basis of $42,500 and fair market value of $63,750 and inventory with a basis of $22,000 and falr market value of $33,000 in exchange for 100% of Zion Corporation stock. The land is subject to a $10,625 mortgage, Determine Jocelyn's recognized gain or loss and the basis in the Zion stock recelved. If an amount is zero, enter " HA. The exchange tax-free under 5351 because the release of a liability 5357(a). As a result, Jocelyn has income of 3