Corporation has a single class of common stock outstanding. Shaun owns $220$shares$,$ which he purchased for $ $25$ per share two years ago. On April $10$ of the current$$ year, Reliance distributes to its common shareholders one right to purchase for $ $35$ one common share for each common share owned. At the time of the$$ distribution, each common share is worth $ $80,$ and each right is worth $ $20.$ On September$10,$ Shaun sells $110$ rights for $ $2$ comma $600$ and exercises the remaining $110$ rights. On November$10,$ he sells for $ $70$ each $62$ of the shares acquired through exercise of the rights. What are the amount and character of income Shaun recognizes upon receiving the$$ rights?