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.

If an amount is zero or there is no gain or loss, enter "0".

a. What is Quail’s recognized gain or loss on the distribution of property to Pheasant?
Because the liquidation of Quail is a parent-subsidiary liquidation, Quail recognizes no gain or loss of $ 0 on liquidating distributions to Pheasant.

b. What is Quail’s recognized gain or loss on the distribution of property to Gisela?
Because Gisela is a minority shareholder , Quail recognizes a gain of $_______________ on the distribution of property to Gisela.