Exercise 18-21 (Algorithmic) (LO. 1, 2, 3) Jocelyn contributes land with a basis of $51,500 and fair market value of $77,250 and inventory with a basis of $25,600 and fair market value of $38,400 in exchange for 100% of Zion Corporation stock. The land is subject to a $12,875 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 357(a). As a result, Jocelyn has income of $ tax-free under 351 because the release of a liability and a basis $ treated as boot under in her stock.