Non$-$Liquidating Distributions $($AI QUESTION$)$

At the beginning of the year SKYNT$,$ Inc has a balance in accumulated E&P of $$50,000.$ During the current year the corporation generates current E&P of $$400,000.$ You can assume $$100,000$ is earned from $1/1-6/30$ and the remainder from $7/1-12/31.$ It also makes the following Distributions:$1)$ Cash in the amount of $$240,000$ on $6/302)$ Property with a FMV and Book Value equal to $$800,000$ on $12/31.$ The property is also subject to a liability of $$80,000$ which the shareholders assumed.The shareholders' total basis in their stock at the beginning of the year is $$220,000.$Required: How much current income will the shareholders have as a result of the two distributions?The Al outputed an answer of $$450,000.$ In the space below provide your answer $($which can be the same$)$ and then provide supporting work documenting why you think your answer is correct.