Patti's garage (used to store business property) is destroyed by a fire. She decides not to replace it and uses the insurance proceeds to invest in her business. The garage had an adjusted basis of $51,000. a. If the insurance proceeds total $23,000, what is Patti's recognized gain or loss? b. If the insurance proceeds total $62,000, what is Patti's recognized gain or loss? a. Recognized loss b. Recognized gain