basis Taxpayer's office building with an adjusted ba of $550,000 and a fair market value of $975,000 is condemned on December 31, 2017. He receives a condemnation award of $950,000 on March 1, 2018. Taxpayer builds a nevw office building at a cost of $930,000 which is completed and paid for on December 30, 2018. What is taxpayer's recognized gain on receipt of the condemnation award and basis for the new office building? a $20,000; $550,000 b $0 $530,000 c $0 $930,000. d $400,000; 930,000. e Some other amounts