Chris contributes to the corporation property with the basis to him of $30,000 and a fair market value at the time of the contribution of $48,000 in exchange for 900 shares of $10 par stock. One year later Hal who was not related to Chris transfers property with the basis of $4000 and fair market value of $900 for 100 shares of $10 par value stock . What is the recognized gain or loss to Chis and Hal?