Liz owns Section 1244 stock in X Corporation with a basis of $120,000. She acquired the stock three years ago. During the current year she sells the stock for $40,000. Liz is single. As a result of the sale of the stock, how much gain or loss should Liz recognize (before any capital loss limitation)?

	a.	$80,000 long-term capital loss
	b.	$80,000 ordinary loss
	c.	$50,000 long-term capital loss and $30,000 ordinary loss
	d.	$50,000 ordinary loss and $30,000 long-term capital loss