IRC Sec. 336(a) provides that a corporation will recognize gain or loss when it distributes property in complete liquidation. X Corporation makes a liquidating distribution to A, an individual and its only shareholder of a piece of land that has an adjusted basis of $80,000 and a fair market value of $200,000. As basis in its X shares is $20,000. What is the tax impact of this transaction to X Corporation? What is the tax impact to A? How would your answer change if the distributed property was subject to a $50,000 mortgage?