Which of the Following Is Correct

Multiple Choice

Which of the following is correct?

A) The Section 1231 lookback rule converts potential long-term capital gain into ordinary income.
B) The Section 1231 lookback rule converts ordinary gain into ordinary loss.
C) The Section 1231 lookback rule converts casualty gain into long-term capital gain.
D) The Section 1231 lookback rule applies only to realty.