Carry purchases a house for $200,000. She converts the property to rental property when the fair market value is $160,000. After deducting depreciation (cost recovery) expense of $12,000, she sells the house for $100,000. What is her recognized gain or loss? a. $48,000 loss b. No net gain or loss c. $88,000 loss d. $100,000 loss

Can your show your work on this one it helps understand it better? Thank you!