Jeremy has $18,000 of Section 1231 gains and $23,000 of Section 1231 losses. The gains and losses are characterized as:

A: Captital gain $18,000 Capital Loss $23,000

B: Ordinary Income $18,000 Ordinary Loss $23,000

C: Capital Gain $18,000 Capital Loss $3,000 Ordinary Loss $20,000

D: Capital Gain $18,000 Ordinary Loss $23,000

E: none of the abocve