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In the current year, Jack realized $20,000 of Section 1231 gain and $18,000 of Section 1231 losses. What does he recognize this year?
a. Capital Gain of $2,000 and no ordinary income
b. Capital gain of $20,000 and $18,000 of ordinary losses
c. Capital loss of $18,000 and $20,000 of ordinary income
d. No capital gain and $2,000 of ordinary income
e. none of the above
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