The stock of Quail Corporation is held as follows: 95% by Pheasant Corporation and 5% by Gisela, an individual. Quail Corporation is liquidated in December of the current year pursuant to a plan adopted earlier in the year. At the time of its liquidation, Quail Corporation has assets with a basis of $1,640,000 and fair market value of $2,296,000. Quail Corporation distributes the property pro rata to Pheasant Corporation and to Gisela.

Required:
a. What is Quail's recognized gain or loss on the distribution of property to Pheasant?
b. What is Quail's recognized gain or loss on the distribution of property to Gisela?

Dr. sperry, a biologist, is using excel to track growth rates of different populations of bacteria. she has a very complex formula in one cell. it begins with “round”. dr. sperry would like to see exactly how excel’s calculation reached the final rounded value that she sees in the cell. what could dr. sperry do to best understand how the calculation was made? try different formulas on her own until she reaches the value shown in excel click on the evaluate formula button in the formulas tab and then click “step in” select the cell and then look at the formula in the formula field of the ribbon remove “round” from the formula in order to see the actual value before rounding