Parker owns 100% of the stock of ABC Corp., which is a calendar year S corporation. ABC has been an S corp for 12 years, but was a C corp prior to that. At the beginning of 20x1, ABC has an Accumulated Adjustments Account of $200,000 and Accumulated Earnings and Profits from C-Corp years of $500,000. Parker has a stock basis of $300,000 on January 1, 20x1. ABC has income of $0 in 20x1 ignoring any effect of distributions. ABC distributes Silveracre, a plot of land held as an investment, to Parker during 20x1. ABC has a basis of $600,000 in Silveracre and Silveracre has a fair market value of $800,000 on the date of distribution. What is Parker's taxable income from these events (including any K-1 income passing through to Parker)