Kyle's factory building was destroyed in a fire. His adjusted basis was $900,000 and the fair market value was $1,400,000. He received insurance proceeds of $1,280,000. Kyle uses $980,000 of the proceeds to build a new factory building and invests the remaining $300,000 in short-term certificates of deposit. What is Kyle's recognized (1.e. taxable) gain or loss? a. $300,000 gain b. SO c$120,000 gain d. $380,000 gain