Sue's business building ($600,000 adjusted basis) is blown away by a tornado in June 2021. Sue receives insurance proceeds of $1,000,000 in February 2022. If Sue uses the $1,000,000 and an additional $50,000 to purchase a replacement business building in May 2022, what amount of gain must Sue recognize in 2022? O $400,000 $350,000 O $0 some other amount.

Answer rating: 100% (QA)

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