Ariana's restaurant with an adjusted basis of $600,000 is condemned on November 16, 2018. Ariana is a calendar year taxpayer. She receives a condemnation award of $720,000 on March 15, 2019. She builds a new restaurant at a cost of $680,000 that is completed and paid for on December 31, 2020. What is Ariana's recognized gain on receipt of the condemnation award and basis for the new restaurant assuming her objective is to minimize gain recognition?