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Sam owned an office building destroyed in an earthquake. The building was purchased for $250,000, and $80,000 of depreciation deductions had been taken. Her insurance

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Sam owned an office building destroyed in an earthquake. The building was purchased for $250,000, and $80,000 of depreciation deductions had been taken. Her insurance proceeds were $550,000. Sam's nw property qualified as replacement property, which she acquired for $620,000. What is the amount of Sam's basis in her new property? 685,000 620,000 285,000 240,000 190,000 None

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