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he seems to be unable to write a story with correct spelling and punctuation. Verbally telling a story can be exhausting to listen to as they go on for ages.

It is hard to write well when your imagination and brain are moving very fast! It sounds your son has a very vivid imagination and has yet to find the way to control it on paper.
I agree with bronxmom in that this ability may come with time.
In the mean time try to find fun ways for him to tell stories, making comic books, videos, and typing may help. You could also introduce fun new discriptive vocab words, and see if you guys can find everyday life things that may apply to the meaning.
MY DD6 has horrible HW, I am envious!