5. Michael Smith, a dealer in securities bought a security on June 1 of year 1 for $70. On December 31st of year 1, the fair market value of the security is $100. a) What should Smith report in Year 1? b) If Smith sells the security for $ 88 on July 10 in year 2, what should Smith report in year 2? c) Gain or loss from mark-to-market under Code 475 will be recognized as what character