Question 14 3.34 points Save Answer On April 16, 20x1, Spencer purchases a regulated futures contract for $1,500. He sells it on October 15, 20x1 for a loss of $200. On November 1, 20x1, he purchases a substantially identical regulated futures contract for $1,400. On December 31, 20x1, the open contract has a fair market value of $1,450. What taxable income will Spencer recognize in 20x1? $200 short-term capital loss a. $100 short-term capital loss $50 IRC Sec. 1256 gain C. $150 IRC Sec. 1256 loss d