On July 20, 2017, Matt (who files a joint return) purchased 3,000 shares of Orange Corporation stock (the stock is § 1244 small business stock) for $24,000. On November 10, 2017, Matt purchased an additional 1,000 shares of Orange Corporation stock from a friend for $150,000. On September 15, 2018, Matt sold the 4,000 shares of stock for $120,000. How should Matt treat the sale of the stock on his 2018 return?
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