answers 8.a and 9.c i will loke to understand tje steps for it

8. Peter owns 100 shares of common stock in Eagle Corporation purchased several years ago for $40,000. In the current year Peter receives 100 nontaxable stock rights with a FMV of $12,000 when the FMV of the stock is $52,000. What is Peter's basis in the stock rights? a $ 7,500 b. $ 9,231 c. $12,000 d. $ 0 e. None of the above 9. Mike sold a piece of land which he had purchased for $160,000. The buyer paid cash of $180,000 and transferred to Mike stock having a FMV of $20,000. The buyer also assumed Mike's $30,000 loan on the land. Mike paid selling expenses of $5,000. What is Mike's recognized gain or loss on this sale? a. $ 75,000 gain b. $ 70,000 gain c. $ 65,000 gain d. $ 55,000 gain 0. None of the above