1996 Bayliner Jazz stalling at full throttle

[corsairguy]

I just purchased a 1996 Bayliner Jazz 120hp, the boat runs fine at low speeds in the water, but when I give it full throttle (4000 rpm+)the bow comes up and just when the boat comes on plane it stalls out. No sputter no missing just dead. It starts up just fine and continues to run as long as I don't throttle it up. Previous owner had the voltage regulator replaced. I filled up the gas tank and it still stalls when going on plane. Any ideas?? Thanks for any help I can get, I'm a newbie jet boat owner, long time sailboat guy.