Big Corporation, an accrual-basis calendar year corporation, reported net income (GAAP) of $380,000 for the year. Included in that amount was $50,000 of interest income from City of Concord Bonds, federal income tax expense of $168,000, North Carolina Income Tax of $26,000, and interest expense of $2,000 on debt incurred to carry the City of Concord bonds. What is Big Corporation's taxable income?

a.

$500,000

b.

$502,000

c.

$330,000

d.

$310,000

e.

$550,000