Problem: The character of Steve's gain attributable to the sale of the land is:
Select one:
a. Ordinary income, because the land is not a capital asset.
b. Long-term capital gain, because the land is a capital asset that has been sold after being held for the required long-term holding period.
c. Short-term capital gain, because the land is a capital asset held for only 9 months prior to sale.
d. Ordinary income, because the land is dealer property.
e. Ordinary income, because the land is trade or business property.