4. The following information for 2020 related to Spruce Corporation, a calendar year, accrual basis taxpayer. Determine the amount of Spruces taxable income for the year using this information.

Net Income per books (after tax) $263,000

Federal Income tax expense per books $54,000

Interest income from tax-exempt bonds $28,000

Depreciation per books $22,000

Depreciation per MACRS $29,000

Premium paid on life insurance for president of corporation $12,000

Excess capital losses over capital gain $7,000