38.

Leslie pays $200 for an option to acquire 100 shares of Ajax Corporation common stock on March 12, 2021 for $85 per share. As a result of an increase in the market value of the Ajax stock, the market price of the option increases and Leslie sells the option for $1,000 on September 23, 2021. As a result of the sale, Leslie must recognize

		$200 STCG.
		$800 STCG.
		$200 ordinary income.
		$800 ordinary income.