On 1/2/16, Joe purchased a factory building in Allentown for $400,000. In order to make room for its new hockey arena, the City of Allentown took ownership of Joes building through eminent domain. On 6/5/21, the City paid Joe $450,000 for the building. On 12/1/21 Joe purchased a new office building for $420,000. How much gain does Joe need to recognize because of this transaction? What is Joes basis in the new building?