On June $2,2023,$ a tornado destroyed the building in which FF operated a fast$-$food franchise. FF$$s adjusted basis in the building was $$214,700.$ In each of the following cases:

Required:

Determine FF$$s recognized gain or loss on this property disposition and FF$$s basis in the replacement building. Assume that FF would elect to defer gain recognition when possible. On September $8,2023,$ FF received a $$250,000$ reimbursement from its insurance company. On August $10,2024,$ it completed construction of a replacement building for a total cost of $$300,000.$

Determine FF$$s recognized gain or loss on this property disposition and FF$$s basis in the replacement building. Assume that FF would elect to defer gain recognition when possible. On September $8,2023,$ FF received a $$250,000$ reimbursement from its insurance company. On August $10,2024,$ it completed construction of a replacement building for a total cost of $$235,000.$

Determine FF$$s recognized gain or loss on this property disposition and FF$$s basis in the replacement building. Assume that FF would elect to defer gain recognition when possible. On September $8,2023,$ FF received a $$200,000$ reimbursement from its insurance company. On August $10,2024,$ it completed construction of a replacement building for a total cost of $$300,000.$