Which of the following definitions accurately describes a non covered security?

A. The broker or custodian is required to report information about the cost basis of the security to both the taxpayer and the IRS.

B. Information about the the sale or disposal of the security can be directly reported on Schedule D, Capital Gains and Losses.

C. The security was purchased before certain reporting requirements went into effect or is otherwise excluded from the IRS definition of of a covered security.