HAPTER 7 HOMEWORK eBook Calculator Exercise 7-21 (Algorithmic) (LO. 2) On May 9, 2017, Calvin acquired 400 shares of stock in Hobbes Corporation, a new startup company, for $107,000. 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 $10,700. 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: 50,000 Short-term capital loss: Long-term capital loss: Feedback Check My Work The general rule is that shareholders receive capital gain or loss treatment upon the sale or exchange of stock Check My Work signment Score: 84.13 % Email Instructor Save an