L's hotel is condemned by the City Housing Authority on July 5, 2019, for which he is paid condemnation proceeds of $950,000. He first received official notification of the pending condemnation on May 2, 2019. L's adjusted basis for the hotel is $600,000 and he uses a fiscal year for tax purposes with a September 30 tax year-end. How much must L reinvest in qualifying replacement property to postpone the recognition of realized gain (Blank #1)? If Samuel reinvests the minimum amount required to avoid recognition of realized gain, what is his basis for the replacement property (Blank #2)? Use parentheses to indicate negative values, e.g., (100). Enter your answer without the dollar sign or comma. Round to the nearest dollar if necessary. Blank # 1 Blank #2 Next Page