JL.K purchased land and a factory on November 30, 2018 for $2,850,000. In addition they paid closing costs associated with the purchase of $295,000. The real estate bill assessed the land at 500,000 and the factory at $2,000,000. The property was sold on March 1,2020 for $3,250,000. What is the amount of taxable gain recognized on this transaction? (round to the nearest $)