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