Bridget owned an office building in Texas that was destroyed in a tornado. That area in Texas was declared a Federal disaster area. The adjusted basis of the building at the time was $990,000. After the deductible, Bridget received a check from the insurance company for $950,000 and used the $950,000 to purchase a new building 3 months later. How much is Bridget's recognized loss and what is the basis in her new building