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:
Profit-Maximizing Rule
A principle that firms apply to determine the level of output at which they will realize the maximum possible profits.
Short-Run Monopoly
A scenario where a single supplier dominates the market for a brief period, often due to patents, resources, or technology.
Marginal Revenue
The additional income earned by selling one more unit of a product.
Average Total Cost
The total cost of production (fixed plus variable costs) divided by the total quantity produced, typically graphed to analyze cost behaviors over varying output levels.
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