Wanda, a calendar year taxpayer, owned a building (adjusted basis of $250,000) in which she operated a bakery that was destroyed by fire in december 2019. she receives insurance proceeds of $290,000 for the building the following march. wanda is considering two options regarding the investment of the insurance proceeds. first, she could purchase a local building (suitable for a bakery) that is for sale for $275,000. second, she could buy a new home for $290,000 and go back to college and finish her degree. a. to minimize her tax liability, which of these alternatives should wanda choose? option 1 results in a recognized gain of $ and option 2 results in a recognized gain $ . therefore, wanda should select . b. what is the latest date on which wanda can replace the involuntarily converted property to qualify for § 1033? c. what is the latest date on which wanda can replace the involuntarily converted property to qualify for § 1033 if the involuntary conversion is a condemnation?