Question $11$

Emma received $200$ ISOs $($each option provides a right to purchase $27$ shares of

CAM stock for $$8$ per share$).$ On $8/15/$Y$5$ CAM's stock price is $$18$ per share,

Emma exercised all of her options. After acquiring the CAM shares with her

stock options, she held the shares for over one year and sold on $10/1/$Y$6$ them

at $$30$ per share. Emma's ordinary marginal rate is $32$ percent and her long$-$

term capital gains rate is $15$ percent?

What is the total capital gain that Emma will recognize from all of these

transactions?