Osprey Corporation stock is owned by Pedro and Pittro, who are unrelated. Pedro and Pittro each own 50% and Pittro owns 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. Fair Market Adjusted Basis Value Cash $645,000 $645,000 Land 387,000 967,500 Equipment 516,000 322,500 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 of $ on the distribution of the land. b. Determine Osprey's recognized gain or loss on the distribution of the equipment. Osprey realizes a of on the equipment, of which $ is recognized