Madison, a calendar year individual taxpayer, has the following results for 2011: profit from operations of $200,000 and long-term capital loss from investments of $20,000. As to the capital loss, Madison may:

	a.	Deduct $3,000 and carry forward $17,000 indefinitely as a long-term capital loss.
	b.	Deduct $3,000 and carry forward $17,000 for five years as a long-term capital loss.
	c.	None of the above.
	d.	Deduct $3,000 and carry forward $17,000 indefinitely as a short-term capital loss.
	e.	Carry back the loss for three years to offset any capital gains.