Mercury owned a racetrack, including the land and improvements (track, stands, and buildings). The property was condemned when Mercurys basis in the land was $30,000 and his basis in the improvements was $40,000. Mercury received new land worth $100,000 and cash of $200,000, which he immediately used to build a track, stands, and buildings to operate a new racetrack. Mercury elected to defer as much gain as possible. What is Mercurys basis in the new racetrack?