On February 10, 2019, Grettle purchases 15 calls on Blue Corporation for $200 per call. Each call represents an option to buy 100 shares of Blue stock at $55 per share any time before November 25, 2019. Read the requirement Situation Amount of gain (loss) Type of gain (loss) a. - X Requirement a. Compute the gain or loss recognized, and determine whether the gain or loss is long-term or short-term for Grettle in the following situations: The 15 calls are sold on May 15, 2019, for $250 per call. b. The calls are not exercised but allowed to expire. The calls are exercised on July 15, 2019, and the 1,500 shares of Blue Corporation stock are sold on July 20, 2020, for $62 per share. C. Print Done