Are the following statements true or false? Explain in each case

a. If a security become worthless during the year, any loss is treated as a loss from the sale or exchange of a capital asset on the last day of the year of worthlessness.

b. Payments received by a lessor for a lease cancellation are classified as capital gain.

c. The only things that the grantee of an option may do with the option are exercise it or let it expire.

d. Gain on the sale of a patent by an inventor is capital gain even if the inventor does not transfer all substantial rights to the patent.