LO.7 Samuel Reese sold 1,000 shares of his stock in Maroon, Inc., an S corporation. He sold

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LO.7 Samuel Reese sold 1,000 shares of his stock in Maroon, Inc., an S corporation. He sold the stock for $15,700 after he had owned it for six years. Samuel had paid $141,250 for the stock, which was issued under 1244. Samuel is married and separately owns the 1,000 shares, Determine the appropriate Federal income tax treatment of any gain or loss on the stock sale.

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