Josh purchases a personal residence for $278,000 but subsequently converts the property to rental property when its FMV is $275,000. Assume depreciation of $65,000 has been deducted after conversion to rental use. If Josh sells the property for $280,000, his gain or loss will be A) $5,000 gain. B) $70,000 gain. C) $2,000 gain D) $67,000 gain