In 2012, Rankin Sold Real Estate He Aquired in 1995

In 2012, Rankin sold real estate he aquired in 1995 under an installment contract and used the installment method for tax purposes. In 2013, the buyer defaulted on the installment obligation and Rankin repossessed the property. Rankin sustained a $30,000 loss on the repossession. Rankin's recognized position in 2013 as a result of the repossession is:

A) $-0¬
B) $30,000 long-term capital gain
C) $30,000 ordinary income
D) none of the above