Gillian works for homeroom Ltd,a furniture wholesaler .As part of their christmas bonus program,Homeroom told each employee that they would be permitted to purchase a reclining chair at $300 below cost.Gillian took advantage of the offer and purchased a duluxe recliner for her mother .The chair normally sells for $1200.Homeroom's cost for the chair was $800,so gillian was able to buy it for $500.What is the amount of gillian's taxable benefit?