Business Finance Homework Help

J
and G are married, file joint.J is sole shareholder of 1244 corp. He
got the stock 2 years ago
when he incorporated his sole proprietorship. The only assets
transferred were $30000 cash and equipment (basis 28000, value 24000)
with a current basis of zero.The corp is now bankrupt with liabilities
exceeding assets. If the stock is worthless, what are
the tax consequences to J? Id J’s filing status relevant?