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In January 2015, Dominos, LLC a calendar year taxpayer acquired a building for $2,000,000 (of which $400,000 was allocated to land) to convert it to a state of the art casino. Dominos, LLC invested $510,000 for various building improvements (in January of 2015) to the property and launched Dominos Game Center, LLC on February 1, 2015. On February 14, 2016 a fire caused by a visitor destroyed the property and Dominos, LLC received insurance payment of $3000,000 for the lost building. The insurance proceeds were immediately used to purchase a similar building with a fair market value of $2900,000. Dominos, LLC retained $100,000 as a reserve and chose to postpone reporting its gain from this involuntary conversion. What is Dominos Game Center, LLC’s deferred gain from this transaction and the basis of the replacement property? (Please show your steps)
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