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Assets Adj. Basis FMV Land 100,000 160,000 Equipment 420,000 Less: Acc Depreciation (120,000)- equipment 300,000. 220,000 furniture240,000- (60,000) 180,000 140,000 Total 580,000 520,000 Walter transfers

Assets Adj. Basis FMV

Land 100,000 160,000

Equipment 420,000

Less: Acc Depreciation (120,000)- equipment 300,000. 220,000

furniture240,000- (60,000)

180,000 140,000

Total 580,000 520,000

Walter transfers the above three assets to newly formed WR corporation; in exchange he received 80% of WR Corporation (FMV $520,000).

What is the Corporations's basis of furniture it received from Walter?

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