Bob has capital losses of $4,000 that exceed his capital gains in the current year. Of this amount, $1,200 is a short-term capital loss and $2,800 is a long-term capital loss. What is the amount and character of the capital loss carryforward?

a. It will be a $1,000 capital loss pro rated between short-term ($300) and long-term ($700) based on the total amount of the excess capital loss.

b. It will be a $1,000 long-term capital loss because Bob must first use the short-term loss to offset ordinary income.

c. It will be a $1,000 capital loss carryforward. Bob can choose how much of the gain to allocate to short-term versus long-term.

d. It will be a $1,000 short-term capital loss because Bob must first use the long-term loss to offset ordinary income.