Cass Corporation reported pretax book income of $12,900,000. During the current year, the reserve for bad debts increased by $127,500. In addition, tax depreciation exceeded book depreciation by $337,500. Cass Corporation sold a fixed asset and reported book gain of $75,750 and tax gain of $116,500. Finally, the company received $265,000 of tax-exempt life insurance proceeds from the death of one of its officers. Compute the companys current income tax expense or benefit.