17. Mr. Morra commenced employment with Peoples Bank Ltd., a public corporation, on January 1, 2015. On December 31, 2015, he was granted options to purchase 500 shares of Peoples Bank Ltd. stock for $15 per share. The market value on December 31, 2015 was $16 per share. Mr. Morra exercised his options on May 31, 2016, purchasing 500 shares for $15 per share when the market value was $17 per share. On September 1, 2017, Mr. Morra sold the shares for $24 each. What is the effect of the above transactions on Mr. Morras Taxable Income in 2016? A. Nil. B. An increase of $250. C. An increase of $500. D. An increase of $1,000.