A 1031 property with an adjusted basis of $600,000 is sold for $1,400,000 cash. No debt exists for either the property being sold nor its replacement. The replacement property is purchased for $2,000,000 in less than four months. What is the adjusted basis of the replacement property?

a. $600,000

b. $1,400,000

c. $2,000,000

d. $1,200,000