Peanut Corporation reports the following information for 2014:
Net Income per books 120,000
Dividends paid to shareholders 500
Federal Income taxes (accrued as an expense) 20,000
Net Capital loss (excess loss over gain) 5,000
Travel and entertainment (50% portion disallowed) 800
Insurance premiums paid on life of vice-president 1,000
Tax-exempt interest income 2,000
Tax deductions in excess of depreciation used for book purposes 1,400
Excess Charitable Contributions (In excess of annual limitation) 600
What is the taxable income for the corporation for 2014?