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Problem - The stock of Quail Corporation is held as follows: 85% by Pheasant Corporation and 15% by Gisela, an individual. Quail Corporation is liquidated in December of the current year pursuant to a plan adopted earlier in the year. At the time of its liquidation, Quail Corporation has assets with a basis of $730,000 and fair market value of $1,000,000. Quail Corporation distributes the property pro rata to Pheasant Corporation and to Gisela.
Required -
a. Compute Quail's recognized gain or loss on the distribution of property to Pheasant.
b. Compute Quail's recognized gain or loss on the distribution of property to Gisela.
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