Patriot Manufacturing, Inc. is a calendar-year C corporation. Patriot is engaged in manufacturing and maintains inventories. Information about Patriot's 2022 operations is as follows:

Taxable income - includes dividends received but is before $ 880,000

Dividends Received Deduction (DRD)

DRD that will be claimed to reduce the taxable income above 30,000

Federal Income Tax accrued and paid 178,500

Items included in the taxable income above:

2022 charitable contribution paid 10,000

Charitable cont. carryover from prior year 5,000

2022 net capital gain 35,000

Capital loss carryover from prior year 15,000

Patriot also has the following information available:

Beginning of 2022 accumulated earnings and profits $ 500,000

2022 earnings and profits 275,000

Reasonable needs from current earnings and profits 150,000

Total dividends paid ($10,000 on each of

4/1/22, 7/1/22, 10/1/22 and 12/1/22) 40,000

Required: Compute Patriot's accumulated taxable income. SHOW YOUR WORK

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