Which of the following tests must be satisfied for gains to be treated as ordinary income in a sale or exchange of property directly or indirectly between a person and a partnership?
a) More than 50% of the capital or profits interest is directly or indirectly owned by the same person.
b) The property in the hands of the transferee immediately after the transfer is not a capital asset.
c) Calculator A: Tests 1 and 2 together must be satisfied.
d) Either test 1 or test 2 must be satisfied.