Orellys owned 200 shares of Gillespie Corporation stock with a basis of $12,000 and a FMV of $24,000. Orellys received 50 stock rights as a nontaxable distribution with a total FMV of $8,000. Each right provides Orellys the opportunity to buy one share of stock for $60 per share. Orellys sells 30 of the rights for $4,000 and he exercises the right to purchase additional shares with the remaining rights. Orellys sells the original 200 shares for $15,000.

Analyze these transactions. Explain and tell me what the (1) gain or loss on the sale of the rights is, (2) the gain or loss on the sale of the 200 shares of stock and (3) the basis of the remaining 30 shares purchased via the rights.