An apartment building with an adjusted basis of $500,000 was destroyed by a tornado on April 30, 2020. On May 10, 2020, the insurance company paid the owner $695,000. The owner reinvested $570,000 in a new apartment complex. What is the basis of the new complex if non-recognition of gain from an involuntary conversion is elected? Multiple Choice O $500,000 O $570,000. O $625,000. O $695,000