Jodie sells land held as an investment for a gain. She receives the sales proceeds over a three year period. Unless an election is made to the contrary, under the normal tax laws, Jodie will recognize the gain:

a. in the year that she sells the property.

b. over the years in which she collects the proceeds from the sale.

c.

a. or b., whichever produces the least amount of tax liability.

d.

a. or b., whichever produces the most amount of tax liability.