Farmer Fred bought the following assets in 2021: -Used tractor: $100,000 -New Combine: $400,000 -Used Pickup: $30,000 -Used Pivot: $75,000 -New Machine Shed: $300,000 Farmer Fred decided he didn't like the tractor he bought in 2021 so he sold it for $75,000 before the end of the year. Which of the following are true? He has an ordinary loss of $25,000 on Form 4797 and no depreciation deduction on Schedule F He could take Section 179 on the tractor to get the largest deduction on Schedule F and then recognize a $75,000 gain on Form 4797 He must take at least the first year of depreciation in the amount of $14,290 ($100,000x14.29%) on Schedule F so it means he has gain of $60,710 on Form 4797 No gain or loss would be recognized since both transactions occured in the same year