Osprey Corporation stock is owned by Pedro and Pittro, who are unrelated. Pedro and Pittro each...

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Osprey Corporation stock is owned by Pedro and Pittro, who are unrelated. Pedro and Pittro each own 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 $814,000 $814,000 Land 488,400 1,221,000 Equipment 651,200 407,000 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. Osprey recognizes a gain of $ on the distribution of the land. b. Determine Osprey's recognized gain or loss on the distribution of the equipment. Osprey realizes a loss of $ is recognized. on the equipment, of which s Osprey Corporation stock is owned by Pedro and Pittro, who are unrelated. Pedro and Pittro each own 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 $814,000 $814,000 Land 488,400 1,221,000 Equipment 651,200 407,000 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. Osprey recognizes a gain of $ on the distribution of the land. b. Determine Osprey's recognized gain or loss on the distribution of the equipment. Osprey realizes a loss of $ is recognized. on the equipment, of which s