Harvey owns60% of HS Cororation stock, Robert owns 30% of HS Corporation stock and Ronnie owns10% 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 toHarvey, 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 disqualifiedproperty.)