For the current tax year, Fannie Corporation, an Accrual Basis calendar year corporation, had the following information:

Net Income Per Books $($after$-$tax$)$ $$287,975$

Premiums On Life Insurance Policy On Its Key Employees $*7,000$

Excess Capital Losses $15,000$

Excess Tax Depreciation $16,000$

$($MACRS Depreciation in excess of Financial Accounting $($Book$)$

Depreciation$)$

Life Insurance Proceeds On Life Of Its Key Employees $*160,000$

Rental Income Received In Current Tax Year $40,000$

$($$$10,000$ Is Prepaid $($Unearned Revenue$)$ And Relates To Next Tax Year$)$

Tax$-$Exempt Interest Income On Municipal Bonds $8,000$

Expenses Related To Tax$-$Exempt Interest Income $5,000$

Prepaid Rent $($Unearned Revenue$)$ Received And Properly Taxed

In Prior Tax Year But Not Earned For Financial Accounting $60,000$

Purposes Until Current Tax Year

Federal Income Tax Liability For Current Tax Year $21,525$

$*-$ Fannie Corporation is the beneficiary of this Life Insurance Policy.

REQUIRED:

Using the Schedule M$-1$ format, determine the Taxable Income for Fannie Corporation for the current tax year.