On September 30 of the current year, Silver Lake Corporation files for bankruptcy. At the time, it estimates that the total FMV of its assets is $675,000, whereas the total amount of its outstanding debt amounts to $905,000. Silver Lake Corporation has been engaged in the resale of tax preparation and tax research-related books and software for several years. Read the requirements. Requirement a. At the time of the bankruptcy, Silver Lake is owned by Richard, who purchased the stock from an investor for $280,000 several years ago. Richard is single. What are the amount and character of the loss sustained by Richard upon Silver Lake's bankruptcy? Does the stock qualify as Sec. 1244 stock? Richard will realize in the amount of Requirement b. How would your answer to part a change if Richard originally organized Silver Lake Corporation, capitalizing it with $280,000 of cash and assuming Silver Lake qualifies as a small business corporation? In this scenario, the stock qualify as Sec. 1244 stock; thus Richard will realize Requirement c. How woul Part a change if Richard were a corporation instead of an individual? does If Richard were a corporati dividual under the facts in scenario (a), Richard would realize does not Requirement d How would your answer to Part b change if Richard were a corporation instead of an individual Requirement b. How would your answer to part a change if Richard originally organized Silver Lake Corporation, capitalizing it with $280,000 of cash and assuming Silver Lake qualifies as a small business corporation? In this scenario, the stock qualify as Sec. 1244 stock; thus Richard will realize Requirement c. How would your answer to Part a change if Richard were a corporation in a $50,000 long-term capital loss and $180,000 ordinary loss. If Richard were a corporation instead of an individual under the facts in scenario (a), Richa a $50,000 long-term capital loss and $230,000 ordinary loss. Requirement d. How would your answer to Part b change if Richard were a corporation in a $50,000 ordinary loss and $180,000 long-term capital loss. If Richard were a corporation instead of an individual under the facts in Part b, Richard wo a $50,000 ordinary loss and $230,000 long-term capital loss. a $230,000 ordinary loss. a $280,000 ordinary loss. Requirement c. How would your answer to Part a change if Richard were a corporation instead of an individual? If Richard were a corporation instead of an individual under the facts in scenario (a), Richard would realize Requirement d. How would your answer to Part b change if Richard were a corporation instead of an indivi a $230,000 long-term capital loss. If Richard were a corporation instead of an individual under the facts in Part b, Richard would realize a $230,000 ordinary loss. a $280,000 long-term capital loss. a $280,000 ordinary loss. Requirement d. How would your answer to Part b change if Richard were a corporation instead of an individual? If Richard were a corporation instead of an individual under the facts in Part b, Richard would realize a $230,000 long-term capital loss. a $230,000 ordinary loss. a $280,000 long-term capital loss. a $280,000 ordinary loss. Choose from any list or enter any number in the innut fields and then continue to the next