Capital gains confusion

[Kelly Douglas]

First off, I know I should contact my CPA, but I'm trying educate myself on this matter so I can ask the right questions.

I will try to keep it simple.
"My share" of the deal is as follows:
I have a $1,000,000 Option to purchase 10 acres of vacant land.

I just received an offer to sell this option to a developer. With this offer, I will Net $1.7 million after closing cost, attorney fees, commission, etc.

I know it will be a Short Term Capital Gain. The question is, will I be classified in my current tax bracket or the one this deal will place me in?

In this situation, is there another way to reinvest or limit my tax obligation?

Thank you for your help.