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In 2001, Ross was granted an incentive stock option(ISO) by his employer as part of an executive compensation package. Ross exercised the ISO in 2003...

In 2001, Ross was granted an incentive stock option(ISO) by his employer as part of an executive compensation package. Ross exercised the ISO in 2003 and sold the stock in 2005 at a gain. Ross's profit was subject to the income tax for the year in which the?

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