QUESTION 17 Quil, Inc., has a 2020 net $ 1231 gain of $70,000 and had a $20,000 net $ 1231 loss in 2019. For 2020, Quil's net $ 1231 gain is treated as a. $50,000 long-term capital gain and $20,000 ordinary gain b. $70,000 ordinary gain. c. $50,000 long-term capital gain and $20,000 ordinary loss. d. $70,000 capital gain e. None of the above