Grant Industries' warehouse is condemned by the city on August 18, 2021. Because of widespread publicity leading up to the condemnation, Grant anticipates it and purchases a replacement warehouse on April 15, 2021, for $670,000. The city pays Grant $430,000 for the condemned property, which has an adjusted basis to Grant of $220,000.

a. What is Grant's realized gain or loss on the condemnation? 

b. What is the minimum amount of gain Grant must recognize on the condemnation?

c. If Grant elects to recognize the minimum amount of gain on the condemnation, what is the basis in the new warehouse?