During 2020, Cody purchased an automobile for $35,000 that he has used 100 percent for business. On May 27, 2022, he sells the car for $16,000. He has claimed $21,000 of depreciation. Does Cody have a gain or loss, and how will it be treated on his tax return? a.Cody has a $19,000 loss that he can deduct on his tax return. b.Cody must recognize a $2,000 gain that will be taxed at ordinary tax rates. c.Cody has a $19,000 loss, but since it is a loss, he cannot recognize it on his tax return. d.Cody has a $2,000 gain that will be taxed at capital gains rates.