8. Yoakum Corporation owned a building located in Kansas. Yoakum used the building for its business operations. Last year a tornado hit the property and completely destroyed it. This year, Yoakum received an insurance settlement. Yoakum had originally purchased the building for $1,450,000 and had claimed a total of $550,000 of depreciation deductions against the property. What is Yoakums realized and recognized gain or (loss) on this transaction and what is its basis in the new building in the following alternative scenarios?
9. 1. Yoakum received $1,000,000 in insurance proceeds and spent $1,000,000 rebuilding the building during the current year.
   2. Yoakum received $1,000,000 in insurance proceeds and spent $1,200,000 rebuilding the building during the current year.
   3. Yoakum received $1,000,000 in insurance proceeds and spent $900,000 rebuilding the building during the current year.
   4. Yoakum received $1,000,000 in insurance proceeds and spent $1,000,000 rebuilding the building during the next three years.