Jessica$$s office building is destroyed by fire on November $15,2022.$ The adjusted basis of the building is $$400,000.$ She receives insurance proceeds of $$575,000$ on December $12,2022.$

Required:

Calculate her realized and recognized gain or loss for the replacement property if she acquires an office building in December $2022$ for $$575,000.$

Calculate her realized and recognized gain or loss for the replacement property if she acquires an office building in December $2022$ for $$465,000.$

What is her basis for the replacement property in parts $($a$)$ and $($b$)?$

Calculate Jessica$$s realized and recognized gain or loss if she does not invest in replacement property.