Which of the following statements is INCORRECT when referring to capital gains and losses?

Multiple choice question.

A. Capital gains on assets that were held one year or less are taxed at ordinary income rates.

B. Deductible capital losses that exceed capital gains are limited to $3,000 against ordinary income in one year.

C. Capital gains on assets that were held more than one year are taxed at 0%, 15%, or 20%, depending on the taxpayer's taxable income for the year.

D. Losses on personal use assets are fully deductible against ordinary income.