What is P’s basis in T’s assets and what is the annual limitation on the use of T’s net operating loss?

What is P’s basis in T’s assets and what is the annual limitation on the use of T’s net operating loss?

Corporation P acquired the stock of Corporation T for $30 Million from T shareholders. No Section 38 election was made. Corporation T has assets with a fair market
value of $28 Million and an adjusted basis of $21 Million. Corporation T also has a net operating loss carryover of $18 Million. The federal long term tax exempt rate
at the date of acquisition is 5%. What is P’s basis in T’s assets and what is the annual limitation on the use of T’s net operating loss?