Company T operated a drive-in movie theater for over a decade. Three years ago, the company ceased operations because so few people were attending the outdoor facility. This year, the entire facility (movie screen, projection building, snack bar, 15 picnic tables, and playground equipment) was destroyed by a tornado. Company T received a $360,000 insurance reimbursement. The aggregate-adjusted basis in the destroyed properties was $200,000. Four months after the twister, Company T purchased a new four-screen movie theater complex located in an urban shopping mall.
Identify the tax issue or issues suggested by the following situations, and state each issue in the form of a question.