Swift, LLC purchased equipment (7-year property) for use in its business on October 15, 2021. This was the only asset Swift, LLC acquired during 2021. The cost of the equipment was $2,000,000. In addition to the purchase price, Swift, LLC incurred the following additional costs related to the equipment in 2021:

• $20,000 to ship the equipment to Swift LLCs business location in Chicago, Illinois;
• $10,000 for installation costs to get the equipment operational in Swift LLCs business;
• $120,000 for sales tax on the purchase of the equipment;
• $50,000 for an annual tune up on the equipment

What is Swift LLCs initial tax basis for the equipment on December 15, 2021?

Answer: