Seth Joseph received a gift of land on October 13, Year 2, when its fair market value was $25,000. No gift tax was paid on the transfer. The donor purchased the land for $30,000 cash on August 30, Year 1, and made no improvements to it. Both Seth and the donor held the land for investment. Seth sold the land for $22,000 cash on October 21, Year 2. What are the amount and the character of gain or loss that Seth must report for his Year 2 calendar tax year?
A.
$3,000 long-term capital loss.
B.
$8,000 short-term capital loss.
C.
$8,000 long-term capital loss.
D.
$3,000 short-term capital loss.