Problem $09-18($Algo$)[$LO $9-7]$

On January $10,2021,$ a fire destroyed a warehouse owned by NP Company. NP$\text{'}$s adjusted basis in the warehouse was $$600,000.$ On March $12,2021,$ NP received a $$790,000$ reimbursement from its insurance company. In each of the following cases:

Required:

a$.$ Determine NP$\text{'}$s recognized gain on this property disposition. Assume that NP would elect to defer gain recognition when possible. NP$\text{'}$s board of directors decided not to replace the warehouse.

b$.$ Determine NP$\text{'}$s recognized gain on this property disposition. Assume that NP would elect to defer gain recognition when possible. On January $2,2023,$ NP paid $$800,000$ to acquire a warehouse to store its inventory.

c$.$ Determine NP$\text{'}$s recognized gain on this property disposition. Assume that NP would elect to defer gain recognition when possible. On February $8,2024,$ NP paid $$800,000$ to acquire a warehouse to store its inventory.

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Required $A$

Determine NP$\text{'}$s recognized gain on this property disposition. Assume that NP would elect to defer gain recognition when possible. NP$\text{'}$s board of directors decided not to replace the warehouse.

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