$1.$ Allen Corporation, a C corporation with only one class of common stock, has $10$ shareholders, each with $10\%$ ownership in the corporation. Allen Corporation decided to provide all $10$ shareholders with a distribution in accordance with their respective ownership percentages. $8$ of the shareholders received additional stock in Allen Corporation, $1$ shareholder was given a promissory note, and the other received cash. All distributions of stock had a FMV of $$250.$ How much income is recognized by the $8$ who received stock?