1. If a taxpayers 2018 individual income tax return was filed on March 3, 2019, the statute of limitations would normally run out on:

a. April 15, 2021

b. March 3, 2020

c. April 15, 2022

d. March 3, 2022

e. None of the above

21. Oscar owns a building that is destroyed in a hurricane. His adjusted basis in the building before the hurricane is $130,000. His insurance company pays him $140,000 and he immediately invests in a new building at a cost of $142,000. What is the amount of recognized gain or loss on the destruction of Oscars building?

a. $0

b. $10,000 gain

c. $8,000 gain

d. $12,000 gain

e. $2,000 loss