A fre destroyed equipment used by Pirates inc. in its manufacturing business. Pirates adjusted tax basis in the equipmient was $24,000. Three weeks aner the fire, Pirates paid $40,000 for a replacement equipment. Which of the followng statements is false? If the destroyed equipment was uninsured, Pirates recognizes a $16,000 capital loss. If the destroyed equipment was uninsured, Pirates takes a $40,000 basis in the new equipment.If the destroyed equipment was insured and Pirates received a $20,000 insurance reimbursement it recognizes a $4,000 ordinary lons If the destroyed equipment was insured and Pirates received a $20,000 insurance reimbursement, it takes a $40,000 basis in the new equipment.