The questions below are based on the following information: Mr. Morra commenced employment with Peoples Bank Ltd., a public corporation, on January 1, 2018. On December 31, 2018, he was granted options to purchase 500 shares of Peoples Bank Ltd, stock for $15 per share. The market value on December 31, 2018 was $16 per share. Mr. Morra exercised his options on May 31, 2019, purchasing 500 shares for $15 per share when the market value was $17 per share: On September 1, 2020, Mr. Morra sold the shares for $24 each What is the effect of the above transactions on Mr. Morra's Taxable Income in 2020? A An increase of $2.750. B. Nil C. An increase of $3.500 D. An increase of $1.750.