Stan's building (AB $490,000) is condemned. He receives condemnation proceeds of $600,000 and purchases a new qualifying building for $510,000. What is the recognized gain and basis of the new property, respectively?

a. $110,000; $490,000

b. $ 90,000; $600,000

C. $110,000; $510,000

d. $ 90,000; $490,000

e. None of the above

(Note: The answer is D but I need the calculations and an explanation)