Culpepper Corporation's (a C Corporation) after-tax book income is $222,300. Based on the following information, compute Culpepper's taxable income: Federal Income Tax Liability per books Interest Income from tax-exempt bonds Penalty for late payment of federal taxes Premiums paid on policy on life of president (corp is beneficiary) Excess of capital losses over capital gains Depreciation Expense for books Depreciation Expense using MACRS $76,500 50,000 1,500 7,800 6,000 50,000 75,000