Don owned an office building destroyed in an earthquake. The destroyed building was purchased for $250,000, and $80,000 of depreciation deductions had been taken. His insurance proceeds were $550,000. Don's new property qualified as replacement property, which he acquired for $620,000. What is amount of amount of Don's recognized gain/loss? No recognized gain/loss $60,000 recognized loss $65,000 recognized gain $380,000 recognized gain $430,000 recognized gain none