Twin Corporation, a calendar year C Corporation, owned land it used in its business operations. The land had been purchased 7 years ago and had an adjusted basis of $800,000. The land was condemned by the State of Minnesota to expand a two- lane county highway to four lanes. On February 1, 2019, the State of Minnesota. paid Twin Corporation $1,200,000 for the land. The condemnation was an involuntary conversion under IRC Section 1033. On November 1, 2019. Twin Corporation purchased a new parcel of land for $1,130,000 by using the condemnation proceeds. Under the circumstances, what is Twin Corporation Corporation's recognized gain or loss on the involuntary conversion and its basis in the new land? a) Recognized gain = $0. New Basis = $800,000. Ob) Recognized gain = $70,000. New Basis = $800,000. c) Recognized gain = $400,000. New Basis = $1,200,000. d) Recognized gain = $70,000. New Basis = $1,130,000. a) Recognized gain = $0. New Basis = $800,000. b) Recognized gain = $70,000. New Basis = $800,000. Oc) Recognized gain = $400,000. New Basis = $1,200,000. d) Recognized gain = $70,000. New Basis = $1,130,000. Oe) Recognized gain = $400,000. New Basis = $800,000