Cammie received 100 NQOs (each option provides a right to purchase 10 shares of MNL stock for $10 per share). She started working for MNL Corporation four years ago (5/1/Y1) when MNL’s stock price was $8 per share. Now (8/15/Y5) that MNL’s stock price is $40 per share, she intends to exercise all of her options. What are Cammie’s taxes due on the grant date (5/1/Y1), exercise date (8/15/Y5) assuming her ordinary marginal rate is 32 percent and her long-term capital gains rate is 15 percent? What’s the tax on the exercise date?
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