Edward and Frank were equal partners in BNT Inc. when Edward suddenly died. They had a partnership agreement that provided for the surviving partners to purchase the partnership interest of the first to die. Prior to Edward's death, the ACBs of Edward and Frank's partnership interests were each $500,000, and the fair market value was $750,000, not counting the ACB or CSV of the insurance policies, which were personal assets. Through the partnership, each pair of partners owned a whole life policy on the other partner's life with a death benefit of $750,000 and an adjusted cost basis of $250,000. The partners of BNT Inc had a total of two policies, one on each partner's life. The annual premium for the policies totalled $36,000, split equally. Upon Edward's death, how much would the partnership receive in net policy proceeds? (place your answer in the space below with no $sign)