Exercise 6-3 (Algorithmic) (LO. 2) On May 9, 2018, Calvin acquired 1,000 shares of stock in Hobbes Corporation, a new startup company, for $114,400. 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 pald- in capital). On January 15, 2020, Calvin sold all of his Hobbes stock for $11,440. 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 "O". As a result of the sale, Calvin has: Ordinary loss: 50,000 Short-term capital loss: 0 Long-term capital loss: 64,400 X