After a hurricane on May $20,2023,$ RSD Manufacturing's facility was destroyed. RSD$\text{'}$s tax basis in the facility was $$1,020,000.$ On December $5,2023,$ RSD receiv$$d $$1\mathrm{.}25$ million from insurance. If RSD built a new facility for $$1\mathrm{.}35$ million on July $3,2024,$ calculate the recognized gain on this involuntary conversion and the new facility's initial tax basis.