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29. Which of the following are true with respect to section 1231? a. When applicable, if section 1231 applies, it nullifies section 1245 recapture. b. Since net section 1231 gain is characterized as capital gain, all capital assets are c. The nonrecaptured section 1231 lookback rules are applied to section 1245 d. If section 1231 gains exceed section 1231 losses, the taxpayer has the option of e. In section 1231 gains exceed section 1231 losses, all gains and losses are treated section 1231 assets recapture income before applying the rules to section 1231 treating losses as ordinary and capital as he or she see fits. as capital