7. (40 points) tion Corporation's income and expenses for the current calendar year are summarized below $945,000 3,400 100,000 interest from State of New York Bonds insurance proceeds (from policy carried on life of recently deceased corporation president) Refund of federal income tax from previous year 12,000 s on Apple stock held as an investment onlu n201 Treasury stock gains Net 1231 gains 2,000 Charitable contributions 70,000 Net capital losses Federal income taxes 100,000 2,500 2,400 11,000 Fines and penalties Business gifts of $60 each to forty customers Life insurance premiums on policy of recently deceased corporate president Advertising in a political brochure Interest on loan proceeds used to purchase State of 600 2,800 New York bonds Business meals and entertainment Other operating expenses 12,000 503,000 What is Interation Corporation's taxable income? Show all work for maximum partial credit