Strap Corporation is the sole shareholder of X, Inc. Strap and X do not file a consolidated return, and Strap has held its X stock for more than two years. Strap has a $150,000 basis in its X stock. Boot is a prospective buyer and is willing to purchase all of the X stock, but he is unable to pay the $500,000 price demanded by Strap even though he believes it to be fair. X has $100,000 cash on hand and an ample supply of earnings and profits. To solve these problems, the parties have agreed on the following plan: Strap Corporation will cause X, Inc. to distribute $100,000 to it as a dividend. Promptly thereafter, Strap will sell its X stock to Boot for $400,000. What are the tax consequences of this plan? What if Strap were an individual rather than a corporation