Jocelyn contributes land with a basis of $53,000 and fair market value of $79,500 and inventory with a basis of $16,600 and fair market value of $24,900 in exchange for 100% of Zion corporation stock. The land is subject to a $13,250 mortgage.

The exchange is or is not (pick one) tax free under code section 351 because the release of a liability is or is not (pick one) treated as boot under code section 357(a). As a result, jocelyn has income of $______ and a basis $_______ in her stock.