Walsh corporation has 3 shareholders: X,Y, and Z.X and Y are siblings; Z is unrelated to X and Y. Each shareholder has 200 shares with a basis of $50 per share and have held the stock for 5 years. Walsh corporation liquidates and distributes a building with an adjusted basis of $100,000 and a fair market value of $80,000 to shareholder X. Describe the tax consequences (with calculations) of the liquidating distribution to shareholder X and Walsh Corporation.