1. Matt transfers the following 3 assets to newly formed MN Corporation; in exchange, he received 80% of the stock of MN (FMV = $520,000).

AssetsAdj BasisFMVLand100,000160,000Equipment

420,000

Less Accum Dep:

(120,000)

300,000

220,000

Furniture

240,000

Less Accum Dep:

(60,000)

180,000

140,000

TOTALS= 580,000=520,000

What is the corporations basis of the furniture it received from Matt?