Tax Drill - Assumption of Liabilities 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 â€â€œ.0 The exchange tax-free under Â§ 351 because the release of a I IS jl : liability treated as boot under Â§ 357(a). As a result, Jocelyn has income of I is not jl j $ and a basis $ in her stock. I 0 I 113000
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11300 is the wrong answer
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