Exercise 7-23 (Algorithmic) (LO. 2) On May 9, 2019, Calvin acquired 650 shares of stock in Hobbes Corporation, a new startup company, for $127,350. Calvin acquired the stock directly from Hobbes, and it is classified as $ 1244 stock (at the time Calvin acquired his stock, the corporation had $900,000 of paid- in capital). On January 15, 2021, Calvin sold all of his Hobbes stock for $12,735. Assume that Calvin is single. Assuming that Calvin is single, determine his tax consequences as a result of this sale. If an amount is zero, enter "o". As a result of the sale, Calvin has: Ordinary loss: Short-term capital loss Long-term capital loss INI Problem 7-33 (Algorithmic) (LO. 1) Monty loaned his friend Ned $29,000 three years ago. Ned signed a note and made payments on the loan. Last year, when the remaining balance was $24,650, Ned filed for bankruptcy and notified Monty that he would be unable to pay the balance on the loan. Mority treated the $24,650 as a nonbusiness bad debt. Last year, before considering the tax implications of the nonbusiness bad debt, Monty had capital gains of $9,860 and taxable income of $50,750. During the current year, Ned paid Monty $22,185 in satisfaction of the debt. Determine Monty's tax treatment for the $22,185 received in the current year, The nonbusiness bad debt of $24,650 would have been reported as a and $ would be included in Monty's gross income this year. Exercise 7-22 (Algorithmic) (LO. 1) Bob owns a collection agency. He purchases uncollected accounts receivable from other businesses at 60% of their face value and then attempts to collect these accounts. During the current year, Bob collected $76,400 on an account with a face value of $91,680. Bob has debt deduction. He has