Which of the following definitions accurately describes a noncovered 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 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 a covered security.

d)The security was sold or disposed of during the year, and details about the cost basis and the acquisition date were reported to the taxpayer and the IRS on a consolidated statement rather than the IRS version of Form 1099-B, Proceeds from Broker and Barter Exchange Transactions.