Jocelyn earned $275,000 of qualified business income this year from her sole proprietorship and has taxable income, before any QBI deduction, of $250,000. Janice is permitted a QBI deduction of O $35,000 $55,000 $50,000 $0 Violet, Inc. has a warehouse completely destroyed by a tornado. The FMV of the warehouse was $650,000 and it had an adjusted basis of $375,00. The insurance company paid $800,000 for the loss and Violet used $750,00 of the proceeds to replace the warehouse. What is the recognized gain, if any, and the basis of the new warehouse as a result of this event? $50,000 recognized gain; $525,000 basis of new warehouse. $0 recognized gain; $525,000 basis of new warehouse. $50,000 recognized gain; $750,000 basis of new warehouse. $0 recognized gain; $475,000 basis of new warehouse