Dude, just pay it, lesson learned, everyone works hard for their money, obviously nobody wants to give it up, but you need too, its just how it works
You cant just dump 700k in a corp and hope for the best, not only will you still pay a shitload of taxes, you will set off about 26 redflags and if audited, say goodbye to even more since they will know what you did and you cant prove you all made that in 2007.
Pay it and move on.