Problem 16-38 (Algorithmic) (LO. 4) Dennis sells short 200 shares of ARC stock at $232 per share on January 15, 2022. He buys 400 shares of ARC stock on April 1, 2022, at $290 per share. On May 2, 2022, he closes the short sale by delivering 200 of the shares purchased on April 1. a. What are the amount and nature of the loss upon closing the short sale? Dennis has loss in the amount of \$ X . Feedback Check My Work A short sale occurs when a taxpayer sells borrowed property and repays the lender with substantially identical property either held on the date of the sale or purchased after the sale. b. When does the holding period for the remaining shares begin? The holding period for the remaining shares begins on Feedback Check My Work Correct c. If Dennis sells (at $319 per share) the remaining 200 shares on January 20,2023 , what will be the nature of his gain or loss? Dennis has in the amount of $