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Business, 24.10.2019 17:43 feyundre52

May 9, 2017, calvin acquired 250 shares of stock in hobbes corporation, a new startup company, for $68,750. calvin acquired the stock directly from hobbes, and it is classified as § 1244 stock (at the time calvin acquired his stock, the corporation had $900,000 of paid-in capital). on january 15, 2019, calvin sold all of his hobbes stock for $7,000. assuming that calvin is single, determine his tax consequences as a result of this sale.

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