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?