Jocelyn contributes land with a basis of $63,500 and fair market value of $95,250 and inventory with a basis of $15,400 and fair market value of $23,100 in exchange for 100% of Zion Corporation stock. The land is subject to a $15,875 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 treated as boot under $357 (a). As a result, Jocelyn has income of $ X and a basis $ x in her stock. Feedback T Check My Work Generally, when liabilities are assumed by another party, the party who is relieved of the debt is tre