Question: Julia, who is not a real estate developer, subdivided a piece of real property that she had owned for 12 years into 10 lots. All

Julia, who is not a real estate developer, subdivided a piece of real property that she had owned for 12 years into 10 lots. All 10 lots were sold in 2021. Julia had a basis of $3,000 in each lot and each was sold for $45,000. Selling expenses for each lot were $1,000. Compute the amount and character of her gain assuming she qualifies under 1237.

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