0ecause 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 income must he report for tax purposes?