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. $200,000; $300,000 Ob. $60,000 $500,000 Oc. $260,000 $300,000 Od. $260,000 $500,000 Oe. $60,000; $300,000