Cato recently entered into an exchange with Rue that involved exchanging one car for another. The transaction has no commercial substance, and the car given up was originally purchased for $30,000, and $12,000 had been depreciated to date. The fair market value of the car received was $29,000. No cash is involved in this exchange. What should Cato recognize as a gain/loss at the time of the exchange? Gain of $11,000 Gain of $1,517 Gain of $0 Loss of $11,000