Mia owns a warehouse that has a cost basis to her of $80,000. The city condemns the warehouse to make room for a new fire station. It pays Mia $400,000 for the property, its agreed-to fair market value. Shortly after the condemnation, Mia purchases another warehouse as a replacement. What is her recognized gain if the new property cost:
a. $280,000?
b. $444,000?
c. $80,000?
d. What, if any, is the justification for deferring the recognition of gain on the involuntary conversion?