Question $10(46$ points$)$Individual A owns $40$ X common shares, AB $30,000.$ Individual B owns $60$ X common shares, AB $110,000.$ X Corp. has cash of $140,000$ and $2$ other assets: land, AB $50,000,$ FMV $80,000$ and equipment, AB $40,000,$ FMV $30,000.$ X has no liabilities before the transaction below. X has E&P of $30,000$ accumulated as of the end of the prior year and no E&P in the current year. On July $11,$ X distributes cash of $40,000$ to A and cash of $60,000$ to B$.$ What are all of the tax consequences to all of the parties?