$$Emily$,$ who is$$ single, transfers property with

an $$88,000$ basis and a $$100,000$ fair market value$($FMV$)$ to Wildwood Corporation in exchange for all $225$ shares of Wildwood

stock. The shares qualify as Sec. $1244$ stock. Two years $$later$,$ Emily sells the stock for $ $24,000$

a$.$ What are the amount and character of Emily$\text{'}$s recognized gain or$$ loss?

b$.$ How would your answer to Part a change if the FMV of the property were

$$62,000?$