During the current year, Frank recognizes a $30,000 Section 1231 gain and a $22,000 Section 1231 loss. Prior to this, Frank's only Section 1231 item was a $15,000 loss two years ago. In the current year, Frank must report

	a.	$8,000 long-term capital gain
	b.	$8,000 ordinary income
	c.	$15,000 ordinary income
	d.	$8,000 ordinary income and $7,000 long-term capital gain