Chapter 15 Sidney's building which is used in his trade or business with an adjusted basis of $60,000 is destroyed by fire on August 15, 2019. Sidney is a calender year taxpayer. On November 7, 2019 he receives insurance reimbursement of $120,000 for the loss. Sidney invest $90,000 in a new building. Until what date does Sidney have to make a new investment and qualify for the non recognition election? What is Sidney's realized gain? Show work! What is Sidney's recognized gain? Show work! What is Sidney's deferred gain? Show work! What is Sidney's basis in new building? Show work! Assume the same facts as above, except Sidney receives $40,000 of insurance proceeds. What is Sidney's realized gain? Show work! What is Sidney's recognized gain? Show work! What is Sidney's deferred gain? Show work! What is Sidney's basis in new building? Show work