7. (4 points) Edith's warehouse (A/B $450,000) is destroyed in a hurricane in October, 2020. Edith, a calendar-year TP, receives insurance proceeds of $525,000 in January, 2021. Calculate Edith's realized and recognized gain and the basis in the replacement property: a. She acquires a new warehouse for $550,000 in January, 2021. b. She acquires a new warehouse for $500,000 in January, 2021