Ten Years Ago J Purchased Land for $40,000

Ten years ago J purchased land for $40,000.The land has appreciated in value and now could be subdivided and sold for $450,000.The land currently constitutes a capital asset for J under § 1221.What form of development of the property would have the most favorable tax consequences for J?

A) Subdivide the property and sell the lots
B) Form a corporation and transfer the property for stock under the nonrecognition provisions of §351
C) Form a corporation to develop the land and sell the land to it, taking an installment note payable for the sales price