mitchell, a calendar year taxpayer, is the sole proprietor of a fast-food restaurant. his adjusted basis for the building and the related land is $450,000. on march 12, 2022, state authorities notify mitchell that his property is going to be condemned so that the highway can be widened. on june 20, mitchell's property is officially condemned, and he receives an award of $625,000. because mitchell's business has been successful in the past, he would like to reopen the restaurant in a new location.