Wade Wilson purchased vacant land in 2011 that he subdivided for resale as lots. All 10 of

the lots were sold during 2018. The lots had a tax basis of $12,000 each and sold for $35,000

each. Wade made no substantial improvements to the lots. He acted as his own real estate

broker so there were no sales expenses for selling the lots. How much gain will Wade have

to realize and recognize and what is the character of the gain?