Lanham, Inc. incurs the following losses on disposition of business assets during the year: Loss on the abandonment of office equipment $25,000 Loss on the sale of a building (straight-line depreciation taken in prior years of $200,000) 250,000 Loss on the sale of delivery trucks 15,000 What is the amount and character of the losses to be reported on Lanhams tax return? a. $290,000 Section 1231 loss. b. $40,000 Section 1231 loss only. c. $40,000 Section 1231 loss, $250,000 long-term capital loss. d. $40,000 Section 1231 loss, $50,000 long-term capital loss.