On December 31, 1998, Homer Corporation issued $2 million of 50-year bonds for $2.6 million. On December 31, 2020, Homer issued new bonds with a face amount of $3 million for which it received $3.4 million. Part of the proceeds received were used to repurchase $2,320,000 of the bonds issued in 1998. 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 1998 bonds?