On August 5, last year, Joan, a single individual, calendar-year taxpayer, purchased stock in Green Corporation (the stock is small business stock) for $70,000. On May 1, this year, the stock became worthless. How should Joan treat the loss?

a. $70,000 ordinary loss.

b. $50,000 ordinary loss and $20,000 short-term capital loss.

c. $70,000 short-term capital loss.

d. $70,000 long-term capital loss.

e. None of the above.