In $2007,$ Duncan purchased $2,000$ shares of stock for $$55,000$ in a midsize local company with gross assets of $$15,000,000.$ In $2023,$ Duncan sold the stock for $$70,000.$ How is the gain treated for tax purposes?

Multiple Choice

$$15,000$ capital gain and taxed at preferential rates

$$7,500$ excluded from gross income under $1202$ and $$7,500$ taxed at regular rates

$$7,500$ excluded from gross income under $1202$ and $$7,500$ taxed at $28\%$

$$11,250$ excluded from gross income under $1202$ and $$3,750$ taxed at preferential rates

Multiple Choice

$$1,962$ deferred loss

$$1,962$ long$-$term capital loss

$$1,962$ ordinary loss

$$1,9621231$ loss