Burcham Corporation reported pre-tax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the Company received $300,000 of tax-exempt municipal bond interest. The Company's prior year tax return showed taxable income of $50,000. Compute the Company's book equivalent of taxable income. Use this number to compute the Company's total income tax provision or benefit, assuming a tax rate of 34%.