osprey corporation stock is owned by pedro and pittro, who are unrelated. pedro and pittro each own 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 osprey's recognized gain or loss on the distribution of land. osprey recognizes a gain of $fill in the blank 2 on the distribution of the land. b. determine ospr
