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Exercise 7-23(Algorithmic)(LO.2) On May 9,2021, Calvin acquired 750 shares of stock in...

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Accounting

Exercise 7-23(Algorithmic)(LO.2)
On May 9,2021, Calvin acquired 750 shares of stock in Hobbes Corporation, a new startup company, for $75,550. 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 15,2023, Calvin sold all of his Hobbes stock for $7,555. Assume that Calvin is single.
Assuming that Calvin is single, determine his tax consequences as a result of this sale.
If an amount is zero, enter "0".
As a result of the sale, Calvin has:
Ordinary loss:
Short-term capital loss:
Long-term capital loss:

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