Discuss the below:
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
Q: What is the taxable income for the corporation for 2014?