Five years ago, Aaron and his brother Brad formed Cabrera Corp., a golf apparel manufacturing corporation. At that time, Aaron contributed $ 336,000 to the corporation in exchange for 40% of its stock. During the current year, Aaron needed some cash to purchase a golf course so he sold a third of his interest in Cabrera Corp. for $ 80,000. He also sold stock in the following companies for the amounts indicated: Corporation Sales Proceeds Adjusted Basis When Acquired IBM $17,000 $12,000 52 months ago Microsoft 32,000 48,000 18 months ago Tidal Radio 36,000 21,000 7 months ago Wavetable 25,000 28,000 4 months ago During the year Aaron hired a collection agency to collect a $ 12 comma 000 loan he made to an old friend, which was due in full on January 1 of the current year. The agency found no trace of his friend. Also during the year, JAW Corporation, in which he owns stock, went bankrupt. His investment was worth $ 100,000 on January 1, he purchased it six years ago for $ 103,000, and he expects to receive only $ 13,000 in redemption of his stock. Finally, Aaron's salary for the year was $ 121,000 for