McOwen Incorporated reported $6,029,400 net income before tax on this year's financial statements prepared in accordance with GAAP. The corporation's records reveal the following information.

• Four years ago, McOwen realized a $90,000 gain on the sale of investment property and elected the installment sale method to report the gain for tax purposes. Its gross profit percentage is 37.45%, and it received a $40,000 principal payment on its installment note this year.
• Net income per books includes a $13,670 net capital gain. McOwen has a $63,000 capital loss carryforward into the current year.
• Depreciation expense per books was $111,400, and MACRS depreciation was $398,100.

Compute McOwen's taxable income.

Correct answer 5,744,010