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On May 9, 2019, Calvin acquired 800 shares of stock in Hobbes Corporation, a new startup company, for $101,450 . Calvin acquired the stock directly
On May 9, 2019, Calvin acquired 800 shares of stock in Hobbes Corporation, a new startup company, for $101,450 . 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 $10,145 . 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 "". As a result of the sale, Calvin has : Ordinary loss: $_______ Short -term capital loss : $ __________
Long- term capital loss: $________
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