Mark had a business building destroyed in a fire. The old building was purchased for $385,000, and $70,000 of depreciation deductions had been taken. Although the old building had a fair market value of $435,000 at the time of the fire, his insurance proceeds were limited to $400,000. Mark found qualified replacement property that he acquired six months later for $390,000 using part of the insurance proceeds. Mark makes any applicable elections to reduce the amount of gain recognized.

1. What is the amount of Mark's realized gain?
2. What is the amount of Mark's recognized gain?
3. What is Mark's basis in the replacement property?