Which One of the Following Is Not True of Securities

Which one of the following is not true of securities held by dealers in securities?

A) Securities are generally held as inventory, with any gains or losses on their disposition being ordinary in nature.
B) A dealer may designate a particular lot as held for investment, but the designation must be made on the day the lot is acquired.
C) Once a lot is designated as an investment, losses on its disposition cannot be treated as ordinary.
D) A dealer can receive capital gain treatment on lots of stock held as inventory if they are held for more than two years.