9. Chad owned an office building that was destroyed in a tornado. The adjusted basis of the building at the time was $890,000. After the deductible, Chad received an insurance check for $950,000. He used $900,000 of the insurance proceeds to pur- chase a new building that same year. How much is Chad's recognized gain, and what is his basis in the new building? Recognized Gain a. $0 b. $O c. $50,000 d. $60,000 New Basis $890,000 900,000 $890,000 $900,000