Joe transfers land with a FMV of $$500,000$ and basis of $$100,000$ for land owned by John. Land is subject to a mortgage of $$100,000$;

John transfers $$100,000$ cash and land with a FMV of $$600,000$ and basis of $$200,000.$ Land is subject to a $$300,000$ mortgage.

What is Joe's basis in the replacement property?