27. X Corporation had $100,000 accumulated E&P at the beginning of the current year. X' only carryover tax attribute was a $15,000 capital loss carry forward. During the current year, X' only transaction was the distribution of a capital asset (FMV: $150,000, AB:$90,000) to shareholder S. Shareholder S had a basis of $85,000 in S' X stock. i. What income, gain or loss, if any, does S recognize? ii. What is X' Taxable Income in the current year? iii What is X' Accumulated E&P at the beginning of following tax year? iv. What is S' basis in the property received in the distribution