Question 29 1 pts DEREK OWNS A CHARTER FISHING BOAT THAT WAS COMPLETELY DESTROYED BYA HURRICANE. DEREK BOUGHT THE BOAT FOR 25,000, MADE 10,000 WORTH OF IMPROVEMENTS, INCURRED 3,000 OF NORMAL REPAIRS AND HAS 7,000 OF DEPRECIATION. DEREK CARRIED INSURANCE ON THE BOAT AND HE RECEIVED THE FMV OF THE BOAT WHICH TOTALED 35,000. IF DEREK REINVESTS THE ENTIRE INSURANCE PROCEEDS IN SIMILAR USE PROPERTY WITHIN THE REQUIRED TIME FRAME, WHAT IS THE AMOUNT OF THE REALIZED GAIN THAT IS RECOGNIZED? O 28,000 O 7,000 35,000