On July 15, Year 1, Blancas office building burned to the ground due to an electrical fire. The buildings adjusted basis at the time of the fire was $100,000 but it was insured for $550,000, which Blanca received on August 1, Year 1. On December 1, Year 3, Blanca purchased a new office building at a cost of $500,000. Under the involuntary conversion rules of Code Section 1033, what is Blancas tax basis in the new building?

		$100,000
		$150,000
		$450,000
		$500,000