In $2016,$ Minjun, who is single, acquired original issue stock in Blue Corporation at a cost of $$60,000.$ This stock meets the definition of both $1202$ and $1244$ stock. This year, Minjun sold the Blue stock.

Determine the amount and nature of Minjun's gain or loss recognized this year in each of the following scenarios:

a$.$ The stock is sold for $$5,000.$

Minjun's sale of Blue Corporation stock produces a total loss of $fill in the blank $1$

of which $fill in the blank $2$

is treated as a capital loss.

b$.$ The stock is sold for $$500,000.$

Minjun's recognized gain $fill in the blank $3$