Melvin Murphy owned a farm with an adjusted basis of $390,000 which was condemned by the state. He received a $470,000 condemnation award and purchased a new farm for $420,000 within one year. (a.) What is Melvin's recognized gain? (b.) What is Melvin's basis in his new farm? (c.) What would be Melvin's recognized gain if the price of the new farm had been $490,000? What would the basis be? (d.) What would be Melvin's recognized gain if the cost of the new farm was $370,000? What would be the basis of the new farm? (e.) If the condemnation award was $360,000, what would be Melvin's recognized gain or loss and the basis in the new farm?