This year Manuela sold 7 real estate lots as part of the same parcel of land. She had bought lots six years ago. No substantial improvements were made to any lot and Manuela acted as her own broker selling the lots. The total proceeds of the lot sales, less her basis, was $250,000. Which of these is true?

a. She did not hold the lots long enough to qualify for 1237.

b. All of the proceeds are a long - term capital gain.

c. She has to be a real estate dealer to qualify for 1237.

d. Some of the proceeds are ordinary income.

e. $12,500 of the proceeds are considered long -term capital gain.