On July 15, Year 1, Blanca's office building burned to the ground due to an electrical fire. The building's 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 Blanca's tax basis in the new building? $100,000 $150,000 $450,000 $500,000