VCC Corporation's warehouse was destroyed by a tornado:

• The fair market value of the warehouse at the time of the tornado was $500,000.
• VCC originally purchased the warehouse years ago for $460,000 and has taken $110,000 in depreciation deductions related to the warehouse over time.
• VCC received $425,000 in insurance proceeds: $400,000 was used to buy a replacement warehouse and the other $25,000 was used for business expenses.

Assuming VCC takes advantage of favorable tax provisions, what gain or loss will VCC recognize in the current year?