Bob owns a warehouse that unfortunately burns down. His basis was $150,000 and its fair market value was $1,200,000. Bob received 1,200,000 in insurance proceeds and bought a new warehouse a month later for $650,000. What was Bobs realized gain/loss, recognized gain/loss, and the basis in the new building. If instead Bob sold his building to Andy for $1,300,000 and bought a new warehouse for $950,000 would the answers be the same. If not, what would they be?