On October 1, 2019 Russell LLC sold a parcel of land for $1,000,000 to an unrelated buyer. Russells tax basis in the land at the time of sale was $200,000. Russell received $250,000 in cash in 2019, and a note bearing a fair market rate of interest that requires the buyer to pay Russell $350,000 in 2020 and $400,000 in 2021. How much gross income from selling the land must Russell LLC recognize and report on its 2021 federal income tax return?

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