Madison, a Calendar Year Individual Taxpayer, Has the Following Results

Madison, a calendar year individual taxpayer, has the following results for 2017: profit from operations of $200,000 and long-term capital loss from investments of $20,000. As to the capital loss, Madison may:

A) Carry back the loss for three years to offset any capital gains.
B) Deduct $3,000 and carry forward $17,000 for five years as a long-term capital loss.
C) Deduct $3,000 and carry forward $17,000 indefinitely as a long-term capital loss.
D) Deduct $3,000 and carry forward $17,000 indefinitely as a short-term capital loss.
E) None of the above.