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  3. on january 20, 2021 westly purchased stock in powe

On January 20, 2021 Westly purchased stock in Power Corporation (the stock is not small...

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Accounting

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On January 20, 2021 Westly purchased stock in Power Corporation (the stock is not small business stock) for $1,000. On May 1, 2023, the stock became worthless. During 2023 Westly also had an $8,000 loss on section 1244 small business stock purchased two years ago, a $9,000 loss on a nonbusiness bad debt, and a $5,000 long-term capital gain. How should Westly treat these items on his 2023 tax return? $4,000 long-term capital loss and $9,000 short-term capital loss $8,000 ordinary loss and $5,000 short-term capital loss $8,000 ordinary loss and $3,000 short-term capital loss $4000 long-term capital loss and $3,000 short-term capital loss

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