The intrinsic value of a call option is found by subtracting the discounted strike price from the current share price: IV=S−X/erTIV = S - X/e^{rT} Put-Call parity: S+p=c+X/erTS + p = c + X/e^{rT} c=p+(S−X/erT)c = p + (S - X/e^{rT}) Since the second term is literally the definition of the intrinsic value of a call, should the time value of the call option (c−IV)(c-IV) be equal to the value of a put with the same strike price??? What is the economic intuition?