Zest company distributed property to its shareholders throughout the year. Some of the distributions and dividends and a few qualified as redemptions. adjusted basis of all property was different from the fair market value. does it recognize a gain or a loss when it distributes property as a dividend or in a redemption?

Zest Company distributes property to its shareholders throughout the year. Some of the distributions are dividends and a few qualified as redemptions. The adjusted basis of all property was different from the fair market value. Does it recognize a gain or loss when it distributes property as a dividend or in a redemption