Renee purchases a personal residence for $290,000, but subsequently converts the property to rental property when its FMV is $275,000. Assume depreciation of $75,000 has been deducted after conversion to rental use. If Renee sells the property for $220,000, her realized gain or loss will be

Select one:

a. $15,000 gain

b. ($20,000) loss.

c. $5000 gain

d. $20,000 gain