As of 1/1/2022, Individual C owns publicly traded L stock, with a basis of $1000. On March 31, 2022, C receives a distribution of $500 in respect of the L stock. C sees that the L stock financials for 12/31/22 show that L had an overall loss for 2022. C's Form 1099 indicates that $300 of the March 31 distribution is from corporate earnings and profits. 

What is C's basis in the L stock as of 12/31/2022?