S co. is owned 85% by its parent P co., 10% by Reb and 5% by Cindy. Assume that each shareholder has a stockholder's basis of $10,000. S co. is completely liquidated pursuant to $ 332. Sco, distributes its assets as follows: To Amount Sco's recognized gain or s/h's recognized gain or loss sh's basis in property rec co. Inventory: FMV $170,000 Basis $130,000 Reb Capital asset: FMV $20,000 Basis $14,000 Cindy Inventory: FMV $6,000 Basis $8,000 Determine with regard to the distributions: (1) Sco's recognized gain or loss; and (2) P co. Reb and Cindy's recognized gain or loss and basis in the assets received