Flip's Pizzeria Inc. has the following financial items for the current year: 

Advertising Expenses $85,000 

Cost of Goods Sold $615,000 

Dividend Income (Flip owns less than 20% of the other corporation) $2,000 

Interest Expense $12,000 

Municipal Bond Interest Income $8,000 

Other operating expenses $460,000 

Sales $2,820,000 

Wages and salaries $430,000 

Calculate Flip's taxable income for the current year.