A Flood Destroys Owen's Building That Cost $100,000 in 2009,which

Multiple Choice

A flood destroys Owen's building that cost $100,000 in 2009,which has an adjusted basis of $80,000.Owen's insurance company reimburses him $125,000 for his loss.Owen promptly reconstructs the building for $115,000.What is the minimum amount of gain that Owen must recognize and his basis in the new building?
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Recognized New
Gain Basis

A) $-0- $80,000
B) $-0- $115,000
C) $10,000 $80,000
D) $10,000 $115,000
E) $10,000 $150,000