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1. An individual has a $40,000 Section 1245 gain; a $35,000 Section 1231 gain; a $33,000 Section 1231 loss; and a $3,000 Section 1231 lookback

1. An individual has a $40,000 Section 1245 gain; a $35,000 Section 1231 gain; a $33,000 Section 1231 loss; and a $3,000 Section 1231 lookback loss. The net LTCG is:

a. $30,000

b. $40,000

c. $17,000

d. $15,000

e. None of these

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