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Jack Has a Basis of $36,000 in His 1,000 Shares

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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:
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 2009? During 2010? What are the amount and character of the gain or loss that Jack will recognize during 2009? During 2010?


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