Quail recognized gain or loss on distribution of property

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Reference no: EM133208320

The stock of Quail Corporation is held as follows: 90% by Pheasant Corporation and 10% 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 $871,400 and fair market value of $1,219,960. Quail Corporation distributes the property pro rata to Pheasant Corporation and to Gisela.

If an amount is zero or there is no gain or loss, enter "0" If required, round your answers to the nearest dollar.

a. What is Quail's recognized gain or loss on the distribution of property to Pheasant?

Because the liquidation of Quail is a________liquidation, Quail recognizes_______of_________on liquidating distributions to Pheasant.

b. What is Quail's recognized gain or loss on the distribution of property to Gisela?

Because Gisela is Quail_________recognizes__________of $ ________on the distribution of property to Gisela.

Reference no: EM133208320

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