Jocelyn contributes land with a basis of $$56,000$ and fair market value of $$84,000$ and inventory with a basis of $$19,000$ and fair market value of $$28,500$ in exchange for $100\%$ of Zion Corporation stock. The land is subject to a $$14,000$ 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 $($ I treated as boot under $357($a$).$ As a result, Jocelyn has income of $ and a basis $ in her stock.

OPTIONS FOR BOTH worded BLANK PARTS $($IS OR IS NOT$)$