Billy Bob, who is single, owns a mountain estate in North Carolina with a basis of $900,000 that he used as his principal residence for the previous five years. On December 6, 2013 a major earthquake hit the area and the home was completely destroyed. Billy Bob received $1, 450,000 from his insurance to rebuild or replace the home. Billy Bob decides to build a home in Charlotte near his brother. How much gain must he recognize if he invests only $1, 100,000 in the new home? invests only $800,000 in the new home