On February 10, 2019, Glenda purchases 10 calls on Purple Corporation for $200 per call. Each call represents an option to buy 100 shares of Purple stock at $25 per share any time before November 25, 2019. Read the requirement. Situation Amount of gain (loss) Type of gain (loss) a. a. Compute the gain or loss recognized, and determine whether the gain or loss is long-term or short-term for Glenda in the following situations: The 10 calls are sold on May 15, 2019, for $270 per call. b. The calls are not exercised but allowed to expire. The calls are exercised on July 15, 2019, and the 1,000 shares of Purple Corporation stock are sold on July 20, 2020, for $31 per share. C