With no explanation, chose the best option from "A", "B", "C" or "D". dealt with a similar situation and, ap plying a more appropriate reading of Rash, required that the land in question be valued according to the price it would command in the market-its optimal use-rather than according to its price as farmland. 3 . To be sure, at earlier stages of this proceeding United assumed that the postpetition option was part of the leasehold. It argued about the scope of the leasehold for the first time in post-trial briefing. However, HSBC has not suggested that it could have introduced evidence bearing on the question had United raised it earlier-indeed, the only relevant facts are the dates and content of the sublease-leaseback transaction and the option extension, none of which is in dispute. Cf. Ware v. Commissioner, 906 F.2d 62, 65 (2d Cir.1990) (<HOLDING>). HSBC was given ample time to respond to

A: holding argument not raised in opening brief but raised for the first time in reply brief was waived
B: holding that a court may consider a theory raised for the first time in a posttrial brief unless it is precluded by the pleadings or it prejudices the opposing party
C: holding that a partys failure to respond to a legally plausible position in an opposing brief allowed the court to assume the point raised by the opposing brief
D: holding that court will not consider issue raised for first time on appeal
B.