> Winning shares are much more likely to have a fair market value that exceeds the option exercise price. You can't have that, options can't be granted below F

> Winning shares are much more likely to have a fair market value that exceeds the option exercise price. You can't have that, options can't be granted below FMV. See e.g. https://rsmus.com/insights/services/business-tax/stock-options-and-section-409a-frequently-asked-questions.html https://rsmus.com/insights/services/business-tax/stock-optio... "The exercise price may never be less than the fair market value (FMV) of the underlying stock on the date the option is granted." If you are able to early exercise, the exercise price and the FMV can be the same though. Which is ideal since the taxable delta is then zero and you file the 83(b).