Janesway, LLC purchased machinery (7-year property) for use in its business on October 8, 2020. This was the only asset Janesway acquired during 2020. The cost of the machinery was $1,400,000. In addition to the purchase price, Janesway incurred the following additional costs in 2020: $8,000 to ship the machinery to Janesway's business location in Chicago, Illinois; $12,000 for installation costs to get the machinery operational in Janesway's business; $70,000 for sales tax on the purchase of the machinery; $10,000 for an annual tune up on the machinery; $20,000 of property taxes on Janesway's property (an annual tax on business property) . What is Janesway's initial tax basis for the machinery on October 8, 2020? $