William is a member of an LLC. His Schedule K-1 reported a $1,200 share of capital loss and a $3,000 share of Section 1231 gain. William recognized a $4,500 capital gain on the sale of marketable securities and a $15,000 Section 1231 loss on the sale of business equipment. What is the net effect of these gains and losses on Williams taxable income? A.$3,300 net capital gain; $12,000 deductible net Section 1231 loss B. $4,500 net capital gain; $12,000 deductible net Section 1231 loss C. $4,500 net capital gain; $15,000 deductible net Section 1231 loss D. $3,300 net capital gain; -0- deductible net Section 1231 loss SHOW WORK