on 1/1/2014, A buys 1,000 shares of x stock for $100 per share .On 10/1/2014 X is trading at $125 and A buys a $125 put on 1,000 shares for $10 per share. On 12/31/2014 value of X appreciates to $150 per share and put expires worthless. On 12/31/2014 value of X is $105. How much gain or loss does A recognize assuming no other trading took place during 2014? If A sells shares of X stock in 2015 at $107 per share, how much total gain or loss does A recognize in 2015?

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