On December 31,1999 , Homer Corporation issued $2 million of 50 year bonds for $2.6 million. On December 31;2023, Homer issued new bonds with a face amount of $3 miltion for which it recelved $3.4 miltion. Part of the proceeds received were used to repurchase $2,320,000 of the bonds issued in 1999. No elections were made to adjust the basis of any property Assume the straight-line method is used for premium amortization. What is the taxable income to Homer on the repurchase of the 1999 bonds? $16.000 $336,000 $264,000 $0