A taxpayer is single and has a long-term capital loss of $8,000 for the tax year and a short-term capital gain of $4,000 for the tax year. What is the taxpayer's "net capital loss" as defined in I.R.C 1222?

A- Taxpayer has a net capital loss of $8,000.

B- Taxpayer has a net capital loss of $4,000.

C- Taxpayer has a net capital loss of $1,000.

D- Taxpayer has no net capital loss.