48 seconds to another question will save this response 3 points) Select the statement about the look-back rule below that is FALSE OL The payer must begin to look back period in year 1-5 (so if the current year (year 1) is 2020, it must start by looking back to 2015). O The link back mile requires that the taxpayer consider prior net Sec. 1231 unrecaptured losses when determining the character of a current year net Sec. 1231 gain. O The look back reduces the total amount of gain or income the taxpayer must recognize related to the disposition of Sec. 1231 assets for the year. ON When png thugh the steps to determine the character of the gain or loss on the sale of a Sec. 1231 asset, the look-back rule is applied after rather than before depreciation recapture. once ed at any point until time has ery tomatically minutes, 10 seconds ing to another question will save this response tion 24 6 points Save Answer (6 points) Gemini Auto Repair is a calendar year taxpayer. The repair shop purchased a light weight truck on March 15, 2019 for $44,000 that it used to drive customers back and forth to their cars while the shop worked on their cars (ie for business purposes). On August 21, 2020, the repair shop sold the truck for $33,000. Assume that the lightweight truck was the only asset Gemini purchased in 2019. Gemini Auto Repair opted out of Sec. 179 and bonus depreciation for 2019. How much total depreciation deduction did Gemini have from the truck for tax purposes in 2019? OL None of the answers given here O $6.288 O$15,400 ON $14,080 O SEAGO her question will save this response