We started with the question of Income or Not Income. If it is income for the operation, then capital gains is a moot topic entirely. It seems that a decision has been made on this point, then?

Buying a property, developing it into condos that each sell over time... that is when various holding periods might come into play.

I still don't see how any bifurcation applies to this one property. There is only one real property. It was undergoing construction over time. No part was ever completed and placed in service, prior to the sale of the entire property. No partial asset was sold.