Bender Corporation grants a nonqualified stock option to Penny, an employee, on January 1, 2023, that entitled Penny to acquire 1,000 shares of Bender stock at \($80\) per share. On this date, the stock has a \($100\) FMV and the option has a readily ascertainable FMV of \($20\) per share. Penny exercises the option on January 1, 2024 (when the FMV of the stock is \($150),\) and acquires 1,000 shares of the stock for \($80\) per share. Penny later sells the Bender stock on January 1, 2026, for \($200\) per share.

a. What are the tax consequences to Penny and Bender Corporation on the following dates: January 1, 2023; January 1, 2024; and January 1, 2026?

b. How would your answer to Part a change if the Bender stock were instead closely-held and the option had no readily ascertainable FMV?