ABC, Inc. reported $300,000 net income before federal income taxes on its financial statements prepared in accordance with GAAP. Records reveal the following: Depreciation per books was $60,000; MACRS depreciation was $110,000 ABC, Inc. was organized three years ago and incurred $46,400 in organization costs the first year. ABC elected to expense the maximum amount in organization costs for tax purposes. How much is ABC's taxable income for the current year?