Jocelyn contributes land with a basis of $62,000 and fair market value of $93,000 and inventory with a basis of $20,800 and fair market value of $31,200 in exchange for 100% of Zion Corporation stock. The land is subject to a $15,500 mortgage. If an amount is zero, enter "0".

The exchange (is/ is not) tax-free under 351 because the release of a liability (is/ is not) treated as boot under 357(a). As a result, Jocelyn has income of $???? and a basis $????? in her stock.