Gerome started a dog grooming business in 2018. In his first year of operations, he made a profit of $20,000. For tax year 2019, he was able to generate a profit of $25,000. In 2020, things are slow and he made some new equipment purchases that he will be able to take depreciation on, resulting in a loss of $40,000. Which of the following statements is true: O Gerome can take $3,000 per year of the loss until it is used up. O Gerome can carry-back the loss 2 years and forward 20 years. O Gerome cannot take any of the loss. O Gerome is required to carry the loss forward indefinitely