Johnny owned a gas station with an adjusted basis of $300,000. After it was destroyed in...

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Johnny owned a gas station with an adjusted basis of $300,000. After it was destroyed in a fire, he received $560,000 from the insurance company. Within the next year, he bought a new gas station for $500,000. What is Johnny's recognized gain, and what is the basis in the new building? Oa. $260,000; $300,000 Ob. $60,000; $300,000 Oc. $200,000; $300,000 C. d. $260,000; $500,000 Johnny owned a gas station with an adjusted basis of $300,000. After it was destroyed in a fire, he received $560,000 from the insurance company. Within the next year, he bought a new gas station for $500,000. What is Johnny's recognized gain, and what is the basis in the new building? Oa. $260,000; $300,000 Ob. $60,000; $300,000 Oc. $200,000; $300,000 C. d. $260,000; $500,000