Beach Corporation, an accrual basis taxpayer, reports the following results for the current year: Income: Gross profit from manufacturing operations $250,000 Dividends received from 25%-owned domestic corporation 20,000 Interest income: Corporate bonds 10,000 Municipal bonds 12,000 Proceeds from life insurance policy on key employee 100,000 Section 1231 gain on sale of land 8,000 Expenses: Administrative expenses 110,000 Bad debts 5,000 Depreciation: Financial accounting 68,000 Taxable income 86,000 Alternative depreciation system (for E&P) 42,000 NOL carryover 40,000 Charitable contributions: Current year 8,000 Carryover from last year 3,500 Capital loss on sale of stock 1,200 US production activities deduction 1,500 Penalty on late payment of federal taxes 450 Task(s): a. What is Beach