Suzy Purchased Vacant Land in 2005 That She Subdivided for Resale

Suzy purchased vacant land in 2005 that she subdivided for resale as lots.All 10 of the lots were sold during 2012.The lots had a tax basis of $9,000 each and sold for $45,000 each.Suzy made no substantial improvements to the lots.She acted as her own real estate broker; so there were no sales expenses for selling the lots.Which of the following statements is correct?

A) Suzy must hold the lots for at least 10 years before she is eligible for the special capital gain treatment of § 1237.
B) The $360,000 gain from the sale of the ten lots is all ordinary income.
C) All of the $360,000 gain from the sale of the ten lots is long-term capital gain.
D) To be eligible for the special capital gain treatment of § 1237, Suzy must be a real estate dealer.
E) None of the above.