Deepak's office building was destroyed in a fire (adjusted basis of $700,000; fair market value of $800,000). Of the insurance proceeds of $720,000 he receives, Deepak uses $620,000 to purchase additional inventory and invests the remaining $100,000 in short-term certificates of deposit. He receives only $720,000 because of a co-insurance clause in his policy. What is Deepak's recognized gain or loss? a. $80,000 gain b. $20,000 loss c. $0 d. $20,000 gain e. None of the choices presented are correct