Question 44 Seashell Corporation owned a building and last year an earthquake hit the property and destroyed it. This year, Seashell received an insurance payment for $450,000. Seashell had originally purchased the building for $550,000 and had claimed a total of $300,000 of depreciation deductions against the property. What is Seashell's realized and recognized gain or (loss) on this transaction and what is its basis in the new building if it spent $400,000 rebuilding the building? Realized gain $200,000; Recognized gain $50,000; Basis $250,000 Realized gain $150,000; Recognized gain $0; Basis $400,000 Realized gain $100,000; Recognized gain $50,000; Basis $400,000 Realized gain $100,000; Recognized gain $0; Basis $200,000 None of the choices are correct