Partnership P was formed on November 1, 2020, by A, B (both individuals) and C Corporation. A and B are calendar year taxpayers and C has a fiscal year end of January 31. A contributed property with a fair market value ("FMV") of $35,000 and AB of $5,000 and subject to a recourse liability of $10,000, for a 25% profits and capital interest, B contributed $25,000 cash for a 25% capital and profits interest and C contributed property FMV $50,000 AB $55,000 in exchange for a 50% capital and profits interest.

P lost $4,000 per month from November 2020 through July 2021, and earned $10,000 per month for each month thereafter.

a. What income, gain or loss, if any, does A recognize on A's 2020 income tax return?

b. What income, gain or loss, if any does C report on C's 2020 income tax return? __________ On C's 2021 income tax return? __________