After selling its assets and paying all of its liabilities, a corporation has cash of $1,237,000 available for distribution to its only shareholder. The corporation was established 10 years ago with an investment of $189,000. This figure is both the PUC and the adjusted cost base of the shares. The balance in the capital dividend account is $142,000 and the company makes the appropriate election to have the distribution of this amount be treated as a capital dividend under ITA 83(2). Required: Determine the tax consequences of distributing the $1,237,000 to the corporation's only shareholder. Show your full calculations to support the Taxable dividend amount and any capital gain to the shareholder.