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Determine ospreys recognized gain or loss on the

Osprey Corporation stock is owned by Pedro and Pittro, who are unrelated. Pedro and Pittro each own 50% and Pittro owns 50% of the stock in the corporation. Osprey has the following assets (none of which were acquired in a § 351 or contribution to capital transaction) that are distributed in complete liquidation of the corporation.

	Adjusted Basis	Fair Market Value
Cash	300000	300000
Land	200000	440000
Equipment	250000	140000

Assume that Osprey Corporation distributes the land to Pedro and the cash and equipment to Pittro.

a. Determine Osprey's recognized gain or loss on the distribution of land.

b. Determine Osprey's recognized gain or loss on the distribution of the equipment.

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Accounting Basics: Determine ospreys recognized gain or loss on the

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