An office building with an adjusted basis of $320,000 was destroyed by fire on December 30, 2013. On January 11, 2014, the insurance company paid the owner $450,000. The fair market value of the building was $500,000, but under the co-insurance clause, the insurance company is responsible for only 90 percent of the loss. The owner reinvested $410,000 in a new office building on July 12, 2015, that was smaller than the original office building. The owner is a calendar year taxpayer.

i) What is the taxpayers recognized gain or loss?

ii) What is the taxpayers basis for the new office building?

iii) What is the latest date that the owner can reinvest the proceeds and qualify for deferral treatment?