Brad sells vacant land to Cami for $600,000. Cami pays $200,000 at the time of the sale and signs a note agreeing to pay Brad $100,000 a year for four years plus an adequate rate of interest. Brad's basis in the land is $200,000. Brad bought the land five years ago as an investment. Which of the following statements is correct? a. This is an installment sale and Brad has $400,000 ordinary income which he can recognize by utilizing the installment method. b. Brad must elect to treat this sale as installment sale on a timely filed tax return. c. This is an installment sale and Brad has $400,000 long-term capital gain which he can recognize by utilizing the installment method. d. Both b and c