Leonard lamberts commercial building which had an adjusted basis of $500,000, was partially destroyed by fire. the fair market value was $800,000 just before the fire and $600,000 immediately after Leonard received $150,000 insurance proceeds and deducted a $50,000 casualty loss. what is Leonard's basis in the building before nay repairs are made?
a.300,000
b.350,000
c.450,000
d.500,000
e.600,000