On september 30, eclipse corporation, a calendar year taxpayer, sold a parcel of land (basis of $200,000) for a $500,000 note. the note is payable in five installments, with the first payment due next year. because eclipse did not elect out of the installment method, none of the $300,000 gain is taxed this year. eclipse corporation had a $250,000 deficit in accumulated e & p at the beginning of the year. before considering the effect of the land sale, eclipse had a deficit in current e & p of $80,000. edward, the sole shareholder of eclipse, has a basis of $300,000 in his stock. edward holds the eclipse corporation stock as an investment. if eclipse distributes $675,000 to edward on december 31, how much gross income must he report for federal income tax purposes?