A taxpayer owned 40% of the outstanding stock of a C corporation. During the tax year, the corporation reported $400,000 in taxable income and distributed a total of $70,000 in cash dividends to its shareholders. The taxpayer accurately reported $28,000 in gross income on their individual tax return. If the corporation had been an S corporation and the distributions to the owners had been proportionate, how much income would the taxpayer have reported on their individual return?

$28,000

$132,000

$160,000

$188,000