Question 1029051
The cuts will come from each side, and if they are x inches long, the new base will be (16-2x) by (8-2x).  The height will be x.
The area of the base is the product of the two terms: 128-48x+4x^2=50
4x^2-48x+78=0
2x^2-24x+39=0
x=(1/4)* (24 +/- sqrt (576-312); sqrt 264=16.241
x=(1/4)(7.759), since adding would not make sense, given the dimensions. 
x=1.939
4x^2 is the area of the discarded squares, or 15.023 sq inches (round at end)
The dimensions of the base are approximately 12.122 by 4.122  and that is an area of 49.97 sq in.