QUESTION 7 Franklin Inc has a ($20,000) net operating loss in 2021. In 2022, it has $10,000 of taxable income before considering the NOL from 2021, and in 2023, it has $40,000 of taxable income before considering the NOL from 2021. What will its 2023 taxable income be after the NOL IS applied to 2022 and 2023. 0 $12,000 $28,000. $30,000 $40,000. QUESTION 8 In a Section 351 transaction, Ed transfers property to his corporation. His basis in the property was $9,000 and he received $7,000 in stock and $3,000 in cash (boot). How much gain will he recognize? Zero. 0 $1,000. $3,000. O $10,000