pls answer 7&8

Zhang incorporated her sole proprielorship by transferring inventory, a bulking, and land to the corporation in return for 100 percent of the corporation's stock. The property transterted to the corporation had the following fair marked value and adjusied basis. The corporation also assumed a morigage of 5500,000 attached to the building and land. The fair market value of the corporation's stock recelved in the exchange was $300,000. The transaction met the requrements to be tax-deferred under 5351 . What amount of gain or loss does Zhang mecagnize on the transfer of the property to her corporation? QUESTION 8 This year Jack O. Lantern incurred a $55,000 loss on the worthlessness of his stock in the Creepy Corporation (CC). The stock, which Jack purchased in 2005, met all of the $1244 stock requirements at the time of issue. Jack's wife, Jill, also incurred a $70, 000 loss on the sale of Eerie Corporation (EC) stock that she purchased in July 2005 and which also satisfied all of the $1244 stock requirements at the time of issue. Both corporations are operating companies. How much of the losses incurred on the two stock sales can Jack and Jill deduct this year, assuming they do not have capital gains in the current or prior years