Burcham Corporation reported pretax book income of $532,500. Tax depreciation exceeded book depreciation by $425,000. In addition, the company received $257,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $42,000. Compute the company's book equivalent of taxable income.

Use this number to compute the company's total income tax provision or benefit.

Book equivalent of taxable income:.

Total income tax provision or benefit:..