Ivan Investor sold a parcel of land during 2018 realizing a \(\$ 50,000\) gain. Ivan has used this parcel for a parking lot during the 120 months that he has owned the land. The amount and tax classification of the gain recognized by Ivan on this sale is:

a. Ordinary income of \(\$ 50,000\)

b. A Section 1231 gain of \(\$ 50,000\)

c. A Section 1245 ordinary income item of \(\$ 50,000\)

d. A Section 1250 ordinary income item of \(\$ 50,000\)