Sean owned a rental equipment shop at a ski resort. His shop was destroyed in a snow slide last year. He received insurance proceeds of $900,000, which he used to rebuild his store after the snow from the slide melted. His tax basis in the original store was $500,000 and he rebuilt the new store on the same spot for $800,000. He then resumed normal operations in the new, slightly larger building. The new store was qualified replacement property. Three years later, he sold the new store for $1,000,000. How much gain will he recognize on the subsequent sale?