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.

Question

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The Answer of 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.

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