Requirements a. What are the amount and character of income Joe recognizes upon receiving the rights? b. What are the amount and character of gain or loss Joe recognizes upon selling the rights? c. What are the amount and character of gain or loss Joe recognizes upon exercising the rights? d. What are the amount and character of gain or loss Joe recognizes upon selling the newly acquired common shares? e. What basis does Joe take in his remaining shares? through exercise of the rights