Exercise 6-35 (Algorithmic) (LO. 5) The stock of Quail Corporation is held as follows: 80% by Pheasant Corporation and 20% 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 $783,200 and fair market value of $1,096,480. 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. of $ on a. What is Quail's recognized gain or loss on the distribution of property to Pheasant? Because the liquidation of Quail is a liquidating distributions to Pheasant. liquidation, Quail recognizes b. What is Quail's recognized gain or loss on the distribution of property to Gisela? Because Gisela is , Quail recognizes Gisela. of $ on the distribution of property to