Myrna's Personal Residence (Adjusted Basis of $100,000)was Condemned,and She Received

Multiple Choice

Myrna's personal residence (adjusted basis of $100,000) was condemned,and she received a condemnation award of $80,000.Myrna used the condemnation proceeds to purchase a new residence for $90,000.What is her 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.
E) None of these.