can you please solve this with an explanation

3) In the current year, fire completely destroyed a building used by Mae Stark in her business. The building had cost Mae $110,000 and had an adjusted basis of $75,000. She received insurance proceeds of $120,000 and immediately spent $105,000 of the proceeds on real estate that was "similar or related in use or service." How much gain does Mae recognize on this "involuntary conversion" and what is Mae's basis in the new real estate, respectively? A. $45,000; $105,000 B. $15,000; $75,000 C. $10,000; $80,000 D. $0; $60,000