Comprehensive Problem.

Scandinavian Furniture Inc., a calendar-year corporation, is worried about the accumulated earnings tax. In February, the following facts are available for the preceding year:

Accumulated earnings and profits as of 12/31...................................................... $220,000

Taxable income (exclusive of capital gains).......................................................... $110,000

Charitable contributions in excess of limit............................................................. $3,000

Long-term capital gain, taxable at 34%................................................................. $10,000

Dividends from Canadian corporations................................................................. $7,000

Dividends from U.S. corporations (25% owned)................................................... $8,000

Total income tax liability........................................................................................ $60,000

Demonstrable business needs............................................................................. $235,000

If the consent dividend route is to be used, which amount must be reported to avoid the accumulated earnings tax?