Several years ago, Logan purchased extra grazing land for his ranch at a cost of $240, 000. In 2020, the land is condemned by the state for development as a highway maintenance depot. Under the condemnation award, Logan receives $600,000 for the land. Within the same year, he replaces the property with other grazing land. What is Logans tax situation if the replacement land cost:

a. $210,000

b. $360,000

c. $630,000

Why?