On February 1, 2023, XYZ Corporation, a calendar-year C corporation, distributed land to its sole shareholder, Mario, as a dividend. At the time of the distribution, the land had a fair market value of $700,000 and a tax basis to XYZ Corporation of $300,000. Following the distribution, the fair market value of the land increased, and by December 31, 2023 the land was worth $800,000. How much taxable income must XYZ Corporation recognize in 2023 as a result of the land distribution?