Tax reporting after a second 1031

[Scott Bilyeu]

I did a 1031 in 2014. Sold a rental and bought two new properties. Last October I sold both those properties and bought a new property. Bought up in each transaction so no boot. On my 2014 taxes form 8824, I reported: line 17 520k FMV of property received, line 25 cost basis of property received of 450k and gain (line 24) of 100k. Am I thinking correctly that on this years taxes form 8824, I use the 450k number as my new cost basis (plus closing costs and capital improvements minus depreciation) for line 18? Not the 520k number.