Deborah, who is employed by Rogers Public Co. Ltd., was granted an option in year one to purchase up to 10,000 common shares at $14 after completion of her fifth year of employment. The FMV of the common shares at the time of granting the right was $12. She does not have any other shares. During Deborah's seventh year of employment, she decided to exercise part of her right and purchased 5,000 shares with a FMV of $15 as at that date. Three years later, Deborah sold the shares for $25 per share. What are the tax implications of each of the above transactions on: a) The date of grant of the options b) The date the option is exercised c) The date the shares are sold Show your calculation and provide explanations to support your answer for full marks.