Herbert Harrison's business property with an adjusted basis of $170,000 is condemned by the local authorities. He receives a $250,000 condemnation award.

a. What is Herbert's realized and recognized gain or loss?

b. What is Herbert's realized and recognized gain or loss if he purchases qualified replacement property for $220,000? What is Herbert's basis in the new property?

c. What is Herbert's realized and recognized gain or loss if he purchases replacement property for $280,000? What is Herbert’s basis in the new property?

d. What is Herbert's realized and recognized gain or loss and the basis in the new property if the condemnation award is $150,000 and the replacement property costs $220,000?