Jocelyn contributes land with a basis of $59,000 and fair market value of $88,500 and inventory with a basis of $28,600 and fair market value of $42,900 in exchange for 100% of Zion Corporation stock. The land is subject to a $14,750 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 is tax-free under 351 because the release of a liability is not treated as boot under 357(a). As a result, Jocelyn has income of $ 0and a basis $ 106,760 X in her stock.