Sheriff Woody purchased vacant land in 2008 that he subdivided for resale as lots. All 10 of the lots were sold during 2018. The lots had a tax basis of $10,000 each and sold for $30,000 each. Woody made no substantial improvements to the lots. He paid a 20,000 real estate commiss character of the gain? SO ion. How much gain will Woody have to realize and recognize and what is the