Ron's Building,which Was Used in His Business,was Destroyed in a Fire.Ron's

Multiple Choice

Ron's building,which was used in his business,was destroyed in a fire.Ron's adjusted basis in the building was $210,000,and its FMV was $330,000.Ron filed an insurance claim and was reimbursed $300,000.In that same year,Ron invested $240,000 of the insurance proceeds in another business building.Ron will recognize gain of

A) $0.
B) $30,000.
C) $60,000.
D) $90,000.