Alyssa's Personal Residence (Adjusted Basis of $100,000) Was Condemned, and She

Multiple Choice

Alyssa's personal residence (adjusted basis of $100,000) was condemned, and she received a condemnation award of $80,000.Alyssa used the condemnation proceeds to purchase a new residence for $90,000.What is Alyssa's recognized gain or loss and her basis in the new residence?

A) $0; $70,000.
B) $0; $90,000.
C) ($20,000) ; $90,000.
D) ($20,000) ; $70,000.