8. Ivy's warehouse with a $600,000 AB is destroyed by a hurricane. She collects $700,000 from the insurance company and purchases a new warehouse for $680,000. What is her recognized gain and the basis of her new property, respectively? a. $ 0, $680,000 b. $20,000 $680,000 c. $80,000; $620,000 d. $20,000: $600,000 e. None of the answers provided is correct