Father sold land to Son for $150,000 in 2015. Fathers basis in the land was $60,000. Son paid Father $25,000 and gave Father a note for $125,000 due in 2018. In 2016, Son sold the land for $200,000 cash. The note bore interest at the appropriate Federal rate and both Father and Son held the land as an investment.

a.	Father must recognize $90,000 of income in 2015.
b.	Father must recognize a $75,000 gain in 2016.
c.	Fathers gain is all ordinary income.
d.	Son is not permitted to use the installment method to report his gain.
e.	None of the above.