5 In order to induce Jocelyn Corporation to build a new manufacturing plant facility in Austin, Texas, Travis County donates Land (Fair Market of $250,000) and Cash of $50,000 to the corporation. Within seven (7) months of the donation, Jocelyn Corporation spends $350,000 on the construction of a new mancing located on the Land. (The $350,000 includes the $50,000 Cash received from Travis County). Which of the following is corect? O Jocelyn Corporation will have a zero ($-0-) basis in the Land and a basis of $300,000 in the manufacturing plant O Jocelyn Corporation must recognize Taxable Income of $300,000 for the donation. O Jocelyn Corporation must recognize Taxable Income of $50,000 for the donation Jocelyn Corporation will have a zero ($-0-) basis in the Land and a basis of $350,000 in the manufacturing plant In order to induce Jocelyn Corporation to build a new manufacturing plant facility in Austin, Texas, Travis County donates Land (Fair Market Value of $250,000) and Cash of $50,000 to the corporation. Within seven (7) months of the donation, Jocelyn Corporation spends $350,000 on the construction of a new manufacturing plant located on the Land. (The $350,000 includes the $50,000 Cash received from Travis County). Which of the following is correct? Jocelyn Corporation will have a zero ($-0-) basis in the Land and a basis of $300,000 in the manufacturing plant. Jocelyn Corporation must recognize Taxable Income of $300,000 for the donation. Jocelyn Corporation must recognize Taxable Income of $50,000 for the donation. O Jocelyn Corporation will have a zero ($-0-) basis in the Land and a basis of $350,000 in the manufacturing plant