SSS Problem 3-4 (Employee Stock Options) Ms. Marian Bytech is an employee of Merlin Industries Ltd. During 2020, Ms. Bytech was granted options to acquire 200,000 of her employer's shares at a price of $15 each. On August 1, 2021, all of the options are exercised. On this date, the Merlin Industries shares have a FMV of $22 each. On November 1, 2022, Ms. Bytech sells all of her Merlin Industries shares for $28 each. Required: Indicate the income tax consequences to Ms. Bytech with respect to the granting of the options, their exercise, and the sale of the shares under each of the following independent assumptions. Your answer should include the effect on both net and taxable income. Where relevant, identify these effects separately. A. Merlin Industries Ltd. is a Canadian controlled private corporation (CCPC). At the time the options were granted, the company's shares had a FMV of $14 per share. B. Merlin Industries Ltd. is a CCPC. At the time the options were granted, the company's shares had a FMV of $18 per share. C. Merlin Industries Ltd. is a Canadian public company. At the time the options were granted, the shares were trading at $15 per share. D. Merlin Industries Ltd. is a Canadian public company. At the time the options were granted, the shares were trading at $18 per share