Problem 16-38 (Algorithmic) (LO. 4) Dennis sells short 325 shares of ARC stock at $256 per share on January 15, 2021. He buys 650 shares of ARC stock on April 1, 2021, at $320 per share. On May 2, 2021, he closes the short sale by delivering 325 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 $ b. When does the holding period for the remaining shares begin? The holding period for the remaining shares begins on c. If Dennis sells (at $352 per share) the remaining 325 shares on January 20, 2022, what will be the nature of his gain or loss? Dennis has he amount of $ an ordinary loss a short-term capital loss a long-term capital loss a short-term capital gain ordinary income Exercise 16-12 (Algorithmic) (LO. 2) Dexter owns a large tract of land and subdivides it for sale. Assume that Dexter meets all of the requirements of 1237 and during the tax year sells the first eight lots to eight different buyers for $173,800 each. Dexter's basis in each lot sold is $121,660, and he incurs total selling expenses of $6,952 on each sale. What is the amount of Dexter's capital gain and ordinary income? If required, round your answers to the nearest dollar. Dexter has a realized and recognized gain of $ of which $ is classified as ordinary income and as a capital gain