If the taxpayer qualifies under $1033($nonrecognition of gain from an involuntary conversion$),$ makes the appropriate election, and the amount reinvested in replacement property is less than the amount realized, realized gain is:a$)$ Recognized to the extent of realized gain. b$)$ Recognized to the extent of the amount reinvested in excess of the adjusted basis.c$)$ Permanently not subject to taxationd$)$ Recognized to the extent of the deficiency $($amount realized not reinvested$)$