Katy owns property with a basis of $100,000 and a fair market value of $280,000, which she contributes to the Perry Corporation, an S corporation. Katy also had rendered services valued at $80,000 to Perry. Perry Corporation issues Katy 4,000 shares of stock in return for the property and services. A year later, as part of the same plan, John (who is unrelated to Katy) contributes $360,000 in cash to Perry in return for 4,000 shares of stock. After these exchanges, Perry has outstanding 10,000 shares of common stock. What is Katys basis in the stock of Perry?