16. A fire destroyed Carl Cramer's business automobile. Carl originally paid $24,000 for the automobile and up to the time of the fire had been allowed $15,000 in depreciation. Within three months the insurance company replaced the old automobile with a new one which was worth $21,000. What is Carl's recognized gain as a result of the casualty? What is the basis of the new automobile for purposes of computing depreciation? 17. Tom Tanner traded in a business building with an adjusted basis of $200,000 for a smaller building valued at $120,000. In addition to the smaller building, Tom received $30,000 in cash and was relieved of the existing liability on the old building of $50,000. What is Tom's realized gain? What is Tom's recognized gain? What is Tom's basis in the new building