An Individual Has a $40,000 § 1245 Gain, a $35,000

question 39

Multiple Choice

An individual has a $40,000 § 1245 gain, a $35,000 § 1231 gain, a $33,000 § 1231 loss, a $3,000 § 1231 lookback loss, and a $15,000 long-term capital gain. The net long-term capital gain is:

• A) $30,000.
• B) $40,000.
• C) $17,000.
• D) $15,000.
• E) None of the above.