Dennis sells short $($borrowed the shares from his broker$)100$ shares of ARC stock for $$20$ per share $($$$2,000)$ on January $15,2023.$ At the time Dennis sold the shares, he owned $100$ shares of ARC stock in which he had a basis of $$22$ per share $($$$2,200).$ He had owned those shares for two years. On April $1,2023,$ he buys $100$ shares of ARC stock for $$25$ per share $($$$2,500)$ and closes the transaction by delivering those shares to his broker. a$.$ What is the amount and character of his loss on the short sale? b$.$ What is the amount and character of the loss if$,$ instead, Dennis used the $100$ shares he already owned to close the transaction?