The Section 1231 Netting Procedure Involves Several Steps

The Section 1231 netting procedure involves several steps. What is the proper order of these steps?
I.All Section 1231 gains and losses for the year are netted.
II.All casualty (theft) gains and losses on Section 1231 property are netted.
III.Current-year net Section 1231 gain is netted against any Section 1231 ordinary loss deductions taken in the previous 5 years.
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A) Statements I, III, and II.
B) Statements II, I, and III.
C) Statements III, I, and II.
D) Statements III, II, and I.
E) Statements I, II, and III.

Correct Answer:

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