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.

	Adjusted Basis		Fair Market Value
Cash	$300,000		$300,000
Land	200,000		440,000
Equipment	250,000		140,000

Assume that Osprey Corporation distributes the land to Pedro and the cash and equipment to Pittro.

a. Determine Ospreys recognized gain or loss on the distribution of land.

Osprey recognizes a gain of $______________ on the distribution of the land.

b. Determine Ospreys recognized gain or loss on the distribution of the equipment. The loss of $______________ on the equipment is allowed.