Please answer all three, thank you. please include the Letter answer

Question 6 Kaylee transfers land to Mel Corporation with a basis of $300,000. The property is worth $700.000 in return, Kaylee receives 74% of Mei Corp, stock, worth $400,000 Kaylee owned 11% of Mei stock prior to the transaction above. How much taxable income, if any, does Kaylee have on the transaction above? $0 / None $100,000 . $400,000 $700,000 None of the other answer choices are correct. Question 7 (True/False) A Section 351 transaction can only occur when a corporation is first formed. True False Question 5 John transfers a piece of construction equipment to Xray Inc. with a basis of $500,000. The property is worth $700.000 In return, John receives 91% of XRay Inc.'s stock, worth $700,000. John did not own any stock in Xray prior to the transaction above. How much taxable income, if any, does John have on the transaction above? SO / None $200,000 $350,000 $700,000