Sidney Southern owned a restaurant which was condemned on November 20, 2018. On January 15, 2019, he received a condemnation award of $280,000. The adjusted basis of his restaurant was $120,000. He purchased another restaurant on March 17, 2019, for $300,000.

a. What is Sidney's lowest recognized gain or loss? What is his basis in the restaurant?
b. What would be the answer to (a) if the replacement cost was $240,000?
c. What is the last possible date on which Sidney could have purchased qualified replacement property?
d. What is the answer to (c) if the restaurant had been destroyed by fire instead of being condemned?