Scandinavian Furniture Inc., a calendar-year corporation, is worried about the accumulated earnings tax. In February, the following facts are available for the preceding year:

If the consent dividend route is to be used, which amount must be reported to avoid the accumulated earnings tax?

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Accumulated earnings and profits as of 12/31 Taxable income (exclusive of capital gains) Charitable contributions in excess of limit Long-term capital gain, taxable at 34 percent Dividends from Canadian corporations Dividends from U.S. corporations (25 percent owned) Total income tax liability Demonstrable business needs $220,000 110,000 3,000 10,000 7,000 8,000 60,000 235,000