Stella purchased vacant land in 2007 that she subdivided for resale as lots. All 10 of the lots were sold during 2014. The lots had a tax basis of $12,000 each and sold for $35,000 each. Stella made no substantial improvements to the lots. She acted as her own real estate broker; so there were no sales expenses for selling the lots. Which of the following statements is correct?

a. Stella must hold the lots for at least 10 years before she is eligible for the special capital gain treatment of 1237.

b. The $230,000 gain from the sale of the ten lots is all ordinary income.

c. All of the $230,000 gain from the sale of the ten lots is long-term capital gain.

d. To be eligible for the special capital gain treatment of 1237, Stella must be a real estate dealer.

e. None of these.