On September 30, Eclipse Corporation, a calendar year taxpayer, sold a parcel of land (basis of $200,000) for a $500,000 note. The note is payable in five installments, with the first payment due next year. Because Eclipse did not elect out of the installment method, none of the $300,000 gain is taxed this year. Eclipse Corporation had a $250,000 deficit in accumulated E & P at the beginning of the year. Before considering the effect of the land sale, Eclipse had a deficit in current E & P of $80,000.

Edward, the sole shareholder of Eclipse, has a basis of $300,000 in his stock. Edward holds the Eclipse Corporation stock as an investment.

If Eclipse distributes $675,000 to Edward on December 31, how much gross income must he report for Federal income tax purposes?

If an amount is zero, enter "0".

Edward reports a $_______ taxable dividend and a capital gain of $________. After the distribution, Edward's stock basis is $0.

I just need the taxable dividend and the capital gain, thank you!