Mia owns a warehouse that has a cost basis to her of $80,000. The city con-demns the warehouse to make roon for a new fire station. It pays Mia $400,000 for the property, its agreed-to fair market value. Shortly after the condem-nation, Mia purchase another warehouse as a replacement. What is her recognized gain if the new property cost:

a) $280,000?

b) $444,000?

c) $80,000?

d) What, if any, is the justification for deferring the recognition of gain on the involuntary conversion?