Question: Exercise 18-21 (Algorithmic) (LO. 1, 2, 3) Jocelyn contributes land with a basis of $63,500 and fair market value of $95,250 and inventory with a

Exercise 18-21 (Algorithmic) (LO. 1, 2, 3) Jocelyn contributes land with a basis of $63,500 and fair market value of $95,250 and inventory with a basis of $16,000 and fair market value of $24,000 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 $ 357(a). As a result, Jocelyn has income of $ and a basis s M treated as boot under In her stock

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