Caramel Corporation has 18,200 shares of stock outstanding. In a qualifying stock redemption, Caramel distributes $270,600 in exchange for 4,550 of its shares. At the time of the redemption, Caramel has paid-in-capital of $1,353,000 and E & P of $811,800.

Calculate the reduction to Caramel's E & P as a result of the distribution.

The result of this redemption is a $----- charge to E & P.