Involuntary Conversions ( LO S.12) Oscar owns a building that is destroyed in a hurricane. His adjusted basis in the building before the hurricane is $130,000. His insurance compare pays him $140,000 and he immediately invests in a new building at a cost of $142,000. What is Oscar's basis on his new building? a. $142,000 b. $130,000 c. $132,000 d. $140,000