On May 9, 2019, Glenna purchases 500 shares of Ignaz Company stock for $7,500. On June 30, 2019, she writes a call option on the stock, giving the grantee the right to buy the stock for $9,000 during the following 12-month period. Glenna receives a call premium of $750 for writing the call. The call is exercised by the grantee on December 15, 2019.

a. What is the amount and character of Glenna's gain or loss? Glenna has ________ (ordinary income/STCG/LTCG) of $____ from the sale of the stock.

b. Assume that the original option expired unexercised. What is the amount and character of Glenna's gain or loss? Glenna has _________ (ordinary income/STCG/LTCG) of $____.