Global Corporation distributed property with a $850,000 fair market value and $415,000 adjusted basis to one of its shareholders. The property was subject to a $230,000 mortgage, which the shareholder assumed. Global has ample E & P to cover any distribution made during the year.

As a result, the shareholder receives a taxable dividend (before the dividends received deduction), of $ _____________and a basis of $___________for the property.