Exercise 4-21 (Algorithmic) (LO. 1, 2, 3) Jocelyn contributes land with a basis of $24.500 and fair market value of $36.750 and inventory with a basis of $15,000 and fair market value of $24,000 in exchange for 100% of Zion Corporation stock. The land is subject to a 56,125 mortgage. Determine Jocelyn's recognized gain or loss and the basis in the Zion stock received. If an amount is zero, enter "o". The exchange tax-free under $ 351 because the release of a liability treated as boot under $ 357(a). As a result, Jocelyn has income of and a basis $1 in her stock. Exercise 4-20 (Algorithmic) (LO. 1, 2) Grady exchanges qualified property, basis of $21,833 and fair marioet value of $26,200, for 60% of the stock of Eadie Corporation. The other 40% of the stock is owned by Pedro, who acquired it five years ago. Calculate Grady's current income, gainor loss and the basis he takes in his shares of Eadie stock as a result of this transaction. Because this transaction the control of the corporation requirement, Grady has and s basis in his shares of stock. Exercise 4-22 (Algorithmic) (LO. 1, 2, 3) Diego transfers real estate with an adjusted basis of $659,400 and fair market value of 5923,160 to a newly formed corporation in exchange for 100% of the stock. The corporation assumes the liability on the transferred real estate in the amount of $784,686. Determine Diego's recognized gain on the transfer and the basis for his stock. If amount is zero, enter "o". Diego has a recognized gain on the transfer of s[ and a basis of s for his stock. Exercise 4-23 (Algorithmic) (LO. 1, 2) Yvonne and Simon form Ion Corporation. Yvonne transfers equipment (basis of $220,800 and fair market value of $331,200). Simon invests $254,960 of cash. They each receive 100 shares in Ion Corporation, worth $254.960, but Yvonne also receives $66,240 in cash from Ion. Calculate Ion Corporation's basis in the equipment and determine Yvonne and Simon's basis in the Ion stock. Ion Corporation has a basis of in the equipment. Yonne has a basis of s for her stock and Simon has a basis of for his stock