Baker Corporation owned a building located in Kansas. Baker used the building for its business operations. Last year, a tornado hit the property and completely destroyed it$.$ This year, Baker received an insurance settlement. Baker had originally purchased the building for $$350,000$ and had claimed a total of $$100,000$ of depreciation deductions against the property.

What are Baker's realized and recognized gain or $($loss$)$ on this transaction and what is its basis in the new building in the following alternative scenarios?

Note: Leave no answer blank. Enter zero if applicable.

Problem $11-62$ Part$-$a $($Static$)$

a$.$ Baker received $$450,000$ in insurance proceeds and spent $$450,000$ rebuilding the building during the current year.