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A married taxpayer started a corporation by investing $150,000. It never had more than $300,000 of assets at any time. It goes bankrupt in 2019.

A married taxpayer started a corporation by investing $150,000. It never had more than $300,000 of assets at any time. It goes bankrupt in 2019.

Compute his loss for 2019 under section 1244.

When will section 1244 not apply?

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