QUESTION 30 A warehouse was damaged in a storm. The warehouse was worth $225,000 before the casualty and $65,000 after the casualty. The taxpayer's adjusted basis in the warehouse was $77,000. The insurance company reimbursed the taxpayer $150,000 for its loss. To avoid paying tax on the realized gain, how much must the taxpayer reinvest and in what type of property? $77,000 in another warehouse $150,000 in any other business or investment realty $77,000 in any other business or investment realty $160,00 in another warehouse None of the above