nan earthquak0.000. After for $1,200,0 Saif Ali Khan owned an office building in New Delhi that was destroyed in an earthquake. The adjusted basis of the building at the time was $1,000,000. After the deductible, Saif Ali Khan received an insurance check for $1,200,000. He used $1,100,000 of the insurance proceeds to purchase a new building that same year. How much is Saif Ali Khan's recognized gain, and what is his basis in the new building? New Basis O A. Recognized Gain $0 $1,000,000 New Basis OB. Recognized Gain $0 $1,100,000 New Basis c. Recognized Gain $100,000 $1,000,000 New Basis D. Recognized Gain $100,000 $1,100,000