Exercise 7-23 (Algorithmic) (LO. 2) On May 9, 2019, Calvin acquired 800 shares of stock in Hobbes Corporation, a new startup company, for $108,850. 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, 2021, Calvin sold all of his Hobbes stock for $10,885. 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: III Long-term capital loss: Exercise 7-29 (Algorithmic) (LO. 6) Tim, a single taxpayer, operates a business as a single-member LLC. In 2021, his LLC reports business income of $445,000 and business deductions of $778,750, resulting in a loss of $333,750. What are the implications of this business loss? a. Tim has an excess business loss of $ b. Can this business loss be used to offset other income that Tim reports? If so, how much? If not, what happens to the loss? Tim may use $1 of the $333,750 LLC business loss, to offset The excess business loss is Exercise 7-22 (Algorithmic) (LO. 1) Bob owns a collection agency. He purchases uncollected accounts receivable from other businesses at 70% of their face value and then attempts to collect these accounts. During the current year, Bob collected $68,000 on an account with a face value of $81,600. Bob has debt deduction. He has of $