An individual has the following recognized gains and losses from disposition of 1231 assets (all were vacant land): $15,000 gain, $10,000 loss, $25,000 gain, and $2,000 loss. The individual has a $5,500 1231 lookback loss. The individual also has a $16,000 net short-term capital loss from the disposition of stock. Which of the following statements is correct?

a. The taxpayer has $5,500 ordinary gain and $6,500 net long-term capital gain.

b. The taxpayer has $12,000 net long-term capital gain.

c. The taxpayer has $28,000 ordinary gain and $16,000 net short-term capital loss.