A taxpayer converted a personal use asset, which she had paid $700 to purchase, to business use last year when its fair market value was $500. She has taken $40 of depreciation on the asset during its use in her business. The

taxpayer later sold the asset for $650. What amount of gain or loss should she recognize on the sale?

O a. 10 Loss

0 b. 150 Gain

O c. 190 Gain

O d. 0 Gain/Loss

0 e. 50 Loss