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What gain or loss does HS Corporation recognize

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Question - Harvey owns? 60% of HS Cororation stock? , Robert owns 30? % of HS Corporation stock and Ronnie owns? 10% of HS Corporation stock.  In a liquidating distribution HS Corporation distributes land with a fair market value of? $600,000 and a tax basis of? $900,000 to? Harvey, Land with a fair market value of? $300,000 and a tax basis of? $400,000 to  Robert and cash of? $100,000 to Ronnie. What gain or loss does HS Corporation recognize on this distribution??

Reference no: EM132877521

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