Antoinne purchased vacant land in $2014$ that she subdivided for resale as lots. All $8$ lots were sold during $2023.$ Each lot had a tax basis of $$18,000$ and sold for $$52,500.$ Antoinne made no substantial

improvements to the lots. He acted as his own real estate broker; so there were no sales expenses for selling the lots. Which of the following statement is correct?

a$.$ To be eligible for the special capital gain treatment of Sec. $1237,$ Antoinne must be a real estate dealer.

b$.$ None of the choices presented are correct.

c$.$ All of the $$270,000$ gain from the sale of the $8$ lots is long$-$term capital gain.

d$.$ Antoine must hold the lots for at least five years before he is elgible for the special captial gain treatment of Sec. $1237.$

e$.$ The $$276,000$ gain from the sale of the $8$ lots is all ordinary income.