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On May 9, 2019, Calvin acquired 900 shares of stock in Hobbes Corporation, a new startup company, for $110,700. Calvin acquired the stock directly from

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On May 9, 2019, Calvin acquired 900 shares of stock in Hobbes Corporation, a new startup company, for $110,700. 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 $11,070. 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 "0". As a result of the sale, Calvin has: Ordinary loss: $1 Short-term capital loss: $ Long-term capital loss: $ ) Sally is in the business of purchasing accounts receivable. Last year Sally purchased an account receivable with a face value of $80,000 for $60,000. During the current year, Sally settled the account, receiving $65,000. Determine the maximum amount of the bad debt deduction for Sally for the current year. If an amount is zero, enter "0". Sally's basis in the account receivable is $ Therefore, she has a bad debt deduction of $ and income of

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