Business, 05.08.2019 22:30 ImGoodAtLife7797

Mr. n's business building is destroyed by a hurricane. the building had an adjusted basis to mr. n of $200,000 and a fair market value immediately before the hurricane of $300,000. mr. n receives a reimbursement of $270,000 from his insurance company and immediately spends $268,000 on a new business building. what amount must mr. n include in his gross income?
(a) $70,000 gain.
(b) $(32,000) loss.
(c) $(30,000) loss.
(d) $2,000 gain.

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