Question: Zoe's dance studio was destroyed by a fire in March of the current year. Her adjusted basis in the studio was $700,000. Zoe received $850,000

Zoe's dance studio was destroyed by a fire in March of the current year. Her adjusted basis in the studio was $700,000. Zoe received $850,000 in insurance proceeds in June of the current year, then bought a new studio in October of the current year for $800,000. What amount of gain (loss) does Zoe recognize related to the dance studio

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