A fire destroyed furniture and fixtures used in Jock's business. Jock's adjusted basis in the furniture and fixtures was $81,300. Jock received a $100,000 reimbursement from his insurance company and immediately spent $93,000 to purchase new furniture and fixtures. How much gain or loss must Jock recognize on this involuntary conversion?
A. $7,000
B. $11,700
C. $18,700
D. $0
Answer: A
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Choose the correct word or words in parentheses. We're (accepting, excepting, expecting) donations to build ramps in the library