Mr. Hippo owns 10,000 shares of Lowland Corporation common stock, which he purchased on March 8 , 2011, for $200,000. On October 3, 2018, Hippo purchases an additional 4,000 shares for $76,000. On October 12,2018 , he sells the original 10,000 shares for $170,000. On November 1,2018 , he purchases an additional 4,000 shares for $66,000. Read the requirements. Requirement a. What is Mr. Hippo's recognized gain or loss as a result of the sale on October 12 , 2018? Gain or loss to be recognized Requirement b. What are the basis and the holding period of the stock he continues to hold? (Do not round interim calculations. Only round the amount you input in the input field to the nearest dollar.) 4,000 purchased on October 3, 2018 4,000 purchased on November 1, 2018 Requirement c. How would your answers to Parts a and b change if the stock Hippo purchases during 2018 is Lowland nonvoting, nonconvertible, preferred stock instead of Lowland common stock? Are nonvoting, nonconvertible preferred stock substantially identical to common stock in the same corporation? Under this scenario, would Hippo recognize a gain or a loss? Under this scenario, what is the amount that Hippo would recognize? Mr. Hippo owns 10,000 shares of Lowland Corporation common stock, which he purchased on March 8 , 2011, for $200,000. On October 3, 2018, Hippo purchases an additional 4,000 shares for $76,000. On October 12,2018 , he sells the original 10,000 shares for $170,000. On November 1,2018 , he purchases an additional 4,000 shares for $66,000. Read the requirements. Requirement a. What is Mr. Hippo's recognized gain or loss as a result of the sale on October 12 , 2018? Gain or loss to be recognized Requirement b. What are the basis and the holding period of the stock he continues to hold? (Do not round interim calculations. Only round the amount you input in the input field to the nearest dollar.) 4,000 purchased on October 3, 2018 4,000 purchased on November 1, 2018 Requirement c. How would your answers to Parts a and b change if the stock Hippo purchases during 2018 is Lowland nonvoting, nonconvertible, preferred stock instead of Lowland common stock? Are nonvoting, nonconvertible preferred stock substantially identical to common stock in the same corporation? Under this scenario, would Hippo recognize a gain or a loss? Under this scenario, what is the amount that Hippo would recognize