Jack has a basis of $36,000 in his 1,000 shares of Acorn Corporation stock (a capital asset). The stock was acquired three years ago. He receives the following distributions as part of a plan of liquidation of Acorn Corporation: 
What are the amount and character of the gain or loss that Jack will recognize during 2017? During 2018?
Definitions:
Economic Growth
The increase in the market value of the goods and services produced by an economy over time, typically measured as the percent rate of increase in real gross domestic product (GDP).
Baby Boomers
A demographic group defined by the significant increase in birth rates following World War II, typically considered born between 1946 and 1964.
Age Seniority
The system or practice of giving precedence, respect, or authority to individuals based on their age, often found in traditional societies.
South Korean
Pertaining to or originating from South Korea, a country in East Asia located on the southern half of the Korean Peninsula.
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