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Determine Jocelyn recognized gain or loss

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Problem - Jocelyn contributes land with a basis of $60,000 and fair market value of $90,000 and inventory with a basis of $5,000 and fair market value of $8,000 in exchange for 100% of Zion Corporation stock. The land is subject to a $15,000 mortgage. Determine Jocelyn's recognized gain or loss and the basis in the Zion stock received.

Reference no: EM132661786

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