Below is Football Corp.'s financial info for 2023. Calculate Football Corp.'s 2023 taxable income.

Revenue from sales $10,000,000

Cost of goods sold ($3,000,000)

Gross profit $7,000,000

Other income:

Dividends (2%-owned U.S. corp.) $200,000

Muni bond interest $50,000

Gross income$7,250,000

Expenses:

CEO Compensation($3,000,000)

Meals ($50,000)

Lobbying ($400,000)

Federal income tax ($798,000)

Total expenses before NOL/DRD ($4,248,000)

Book income before NOL/DRD $3,002,000

NOL $0

DRD $0

Book income$3,002,000

Notes:

1. Gross profit is the same for book and tax purposes.

2. The corporation has one CEO who is a covered employee subject to executive compensation deduction limitations

3. The corporation has an NOL carryover of $181,999 from 2022.