Bria's office building $($basis of $$225,000$ and fair market value $$275,000)$ is destroyed by a hurricane. Bria receives insurance proceeds of $$192,500$ two months after the date of the loss. One month later, Bria uses the insurance proceeds and other funds to purchase a new office building for $$275,000.$ Her adjusted basis for the new building is $$307,500($$$275,000$ cost $+$ $$32,500$ postponed loss$).$

Question $18$ options:

True

False