Hi, please answer the following question and show your work. Thank you and hope you have a good weekend.

Question 24 6.4 pts 6.4 points. CLEARLY LABEL YOUR ANSWERS Chet owns a factory building that he has used in his business for many years. On 1/28/21, the factory was totally destroyed in a fire. Chet received $ 5,000,000 from his insurance company for this total loss. At the time of this loss, Chet had an adjusted basis in this factory of $ 2,000,000 ($ 3,000,000 original cost less $ 1,000,000 in accumulated straight-line tax depreciation). Chet replaced the factory at a cost of $ 4,800,000 in November of 2021. Part a (2.4 points) How much gain or loss will Chet recognize for tax purposes in 2021? 2021 recognized gain or (loss) = $ Part b (2 points) How much additional federal tax will Chet incur in 2021 assuming his marginal ordinary income tax rate is 37% and his net capital gain rate is 20%? 2021 additional tax = $ Part c (2 points) What is Chet's tax basis in the replacement factory building? Tax basis in new factory = $