A, an individual (A) and X Corporation (X) each transferred property with a fair market value ("FMV") of $100,000 and an adjusted basis of $20,000 to newly formed C Corporation (C) in exchange for 10 shares of C Corporation stock. These are the only shares of C outstanding. Assuming the transfers are related: a. What income, gain or loss, if any does A recognize in this transaction? b. If C's current E&P during the year were $30,000, and C distributed $40,000 cash to each of X, and A, during the year, what is X'taxable income (assuming the distribution from C is X' only transaction during the year)