Determine the current$-$year taxable income of MadPig, Inc. given the following

information relating to its $2023$ activities. Show your work in order to receive credit!

Net income per books: $$315,000$

Federal Income Tax Expense per books: $$30,000$

Interest income from municipal bond: $$8,000$

Interest expense on loan to purchase municipal bond: $$2,000$

Loan to purchase municipal bond

Entertainment Expenses: $$6,000$

Dividends received from Peppa Inc.: $$13,000$

MadPig owns $25$ percent$-$owned of Peppa Inc. $---$ this is also MadPig's

pro rata share of the corporation's earnings$).$

Proceeds from Life Insurance Policy: $$10,000$

Straight$-$line deprecation in excess of MACRS: $$5,000$

NOL carryover from last year: $$11,000.$

Charitable contribution carryforward from prior year: $$9,000$