Business, 16.07.2020 23:01 nyahdrake

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. If an amount is zero, enter "0".
The exchange is tax-free under § 351 because the release of a liability not treated as boot under § 357(a). As a result, Jocelyn has income of $0 and a basis $ in her stock.
Whats her basis?

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Jocelyn contributes land with a basis of $60,000 and fair market value of $90,000 and inventory with...

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