Magglio Corporation has reported net income of its financial statements of $45,000. In computing that net income Magglio reported $1,000 for penalties, $6,000 for business meals with clients, $2,000 interest on a municipal bond, and $11,000 in federal income tax. How much is Magglio's taxable income for the year? $58,000 $61,000 $62,000 $32,000 None of the above