Please answer both for a positive rating?

Packard Corporation transferred its 100 percent interest to State Company as part of a complete liquidation of the company. In the exchange, Packard received land with a fair market value of $450,000. Packard's basis in the State stock was $730,000. The land had a basis to State Company of $530,000. What amount of loss does State recognize in the exchange and what is Packard's basis in the land it receives? Multiple Choice $80,000 loss recognized by State and basis in the land of $450,000 to Packard $80,000 loss recognized by State and a basis in the land of $530,000 to Packard. O No loss recognized by State and a basis in the land of $450,000 to Packard. O No loss recognized by State and a basis in the land of $530,000 to Packard. Rachelle transfers property with a tax basis of $880 and a fair market value of $1,170 to a corporation in exchange for stock with a fair market value of $710 and $153 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $307 on the property transferred. What is the corporation's tax basis in the property received in the exchange? Multiple Choice O $1,170 O $1,033 $880 O O O $710