Burcham Corporation reported pretax book income of $672,500. Tax depreciation exceeded book depreciation by $550,000. In addition, the company received $210,000 of tax-exempt municipal bond interest. The companys prior-year tax return showed taxable income of $55,000. Compute the companys book equivalent of taxable income. Use this number to compute the companys total income tax provision or benefit, assuming a tax rate of 34 percent.

1. Book equivalent of taxable income?

2. Total income tax provision or benefit?