Kitty’s factory building, which has an adjusted basis of $475,000,


Kitty’s factory building, which has an adjusted basis of $475,000, is destroyed by fire on April 8, 2022. Insurance proceeds of $500,000 are received on June 1, 2022. She has a new factory building constructed for $490,000, which she occupies on October 1, 2022. Assuming Kitty’s objective is to minimize her current-year tax liability, calculate her recognized gain or loss and the basis of the new factory building.

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