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The Loquat Corporation has book net income of $217,000 for the current year. Included in this...

The Loquat Corporation has book net income of $217,000 for the current year. Included in this figure are the following items, which are reported on the corporation's Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return.

• Federal income tax expense $32,550
• Depreciation deducted on the books which is not deductible for tax purposes 43,400
• Deduction for 50 percent of meals expense which is not allowed for tax purposes 19,530
• Deduction for a tax penalty not allowed for tax purposes 8,680
• Tax-exempt interest income included in book income but not in tax income 13,020

Calculate Loquat Corporation's taxable income for the current year based on the information given.
$

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