Adjusted basis of his business property

NOL from the current year

NOL from previous years $$500,000$

Capital losses from previous years

$$300,000$

$$400,000$

$$200,000$

Assuming no elections are made, what is Jeremiah's basis in business property and capital losses after the debt forgiveness?

A$)$ Business property $=$$$500,000$; Capital loss $=$$$200,000$

B$)$ Business property $=$$$0$; Capital loss $=$$$200,000$

C$)$ Business property $=$$$500,000$; Capital loss $=$$$0$

D$)$ Business property $=$$$0,$ Capital loss $=$$$0$