Exercise 18-21 (Algorithmic) (LO. 2) Jocelyn contributes land with a basis of $29,000 and fair market value of $43,500 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 $7,250 mortgage Determine Jocelyn's recognized gain or loss and the basis in the Zion stock received If an amount is zero, enter "O". The exchange istax-free under $ 351 because the release of a liability is nottreated as boot under As a result, Jocelyn has income of s and a basis in her stock