The stock Quail Corporation is held as follows: 85% by Pheasant Corpora- and of Corporation is liquidated in 15% by Quail December of the current year a earlier in the the pursuant to plan adopted and fair time of liquidation, Quail Corporation has assets with a basis of market value of $1 million. Quail Corporation distributes the property pro rata to Pheasant Corporation and to Gisela Compute Quail's recognized gain or loss on the distribution of property to pheasant. to b. Compute Quail's recognized gain or loss on the distribution of property Gisela