Harvey owns 60% of HS Corporation 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? (None of the property distributed is disqualified property.)