36. X Corporation (X) has two shareholders: (i) P Corporation (P) which owns 90 shares (90%) of X Corp. stock, with an adjusted basis of $70,000, and I individual (I) who owns 10 shares (10%) of X Corp. stock, with an adjusted basis of $14,000. X has $100,000 E&P. X liquidated, pursuant to a plan of liquidation, and distributed all of its assets to P and I as follows: (i) Asset #1 (A1) fair market value (FMV) $90,000 and adjusted basis (AB) of $50,000 to P; and (ii) Asset #2 (A2) FMV $12,000 and AB $15,000, but subject to a $2,000 liability to I. a. What income, gain or loss, if any does X recognize as a result of the liquidation? b. What income, gain or loss, if any does I recognize as a result of the liquidation? c. What basis does I have in A2 d. What basis does P have in Al