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(TCO F) Billy Barker, a single taxpayer, has basis in IRC 1244 stock of $150,000. Billy sells the stock for $60,000. What is his gain

(TCO F) Billy Barker, a single taxpayer, has basis in IRC 1244 stock of $150,000. Billy sells the stock for $60,000. What is his gain or loss? How much is ordinary? How much is capital? (Points : 20)

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