Lava Corporation's warehouse is completely destroyed by a tornado in May 2020, when its basis is $100,000, and its FMV is $150,000. The insurance company reimburses Lava Corp $150,000. In November 2020, Lava Corporation purchases a new warehouse for $135,000. Assume all properties, other than boot, are qualifying business assets held more than one year.

Question A: The taxpayer's recognized gain is

Questions B: The taxpayer's basis in the new office building is