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A owns 60X common shares, AB500. B owns 40X common shares, AB 700. X owns asstes AB 900, FMV 2100. X has E&P of 700.

A owns 60X common shares, AB500. B owns 40X common shares, AB 700. X owns asstes AB 900, FMV 2100. X has E&P of  700. The public currently owns 10000 common shares of P Corp. X tranfers all of its asstes to P. In exchange P transfers 200P Common shares FMV 2000 pluse cash 100 to T. T then liquidates.

Discuss all tax consequences to all parties.

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