X, a domestic corporation, invested P1,000,000 in 10,000 common shares of stock of B, another domestic corporation. The investment declared property dividends of 20,000 common shares of investment in common stock of C Corporation. The Par Value of C's share is P10 per share. At time of declaration, the fair market value of the share was p15 per share but when X received the property dividend, the fair market value was P16. How much is the taxable dividend income of X?