An office building with an adjusted basis of $350,000 was destroyed by fire on December 30, 2016. On January 11, 2017, the insurance company paid the owner $450,000. The fair market value of the building was $500,000. The owner reinvested $430,000 in a new office building on February 12, 2017. What is the recognized gain or loss if the taxpayer makes a Section 1033 election and what is the taxpayers basis in the new office building?