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Singer Corporation, a calendar year, accrual basis taxpayer, provides the following information for this year. Using this information, determine Singer's taxable income for 2019. Net income per books (after-tax) $486,000 Federal income tax expense per books 85,000 Interest income from tax-exempt bonds 5,000 Charitable contribution deduction carryover from 2,000 2018 Life insurance proceeds received as a result of death 80,000 of the company's CEO Premiums paid on policy on life of the CEO 4,000 Excess of capital losses over capital gains 12,000 Retained earnings at beginning of year 375,000 Cash dividends paid 90,000 Excess of straight line depreciation used for financial 15,000 statement purposes over MACRS depreciation used for tax purposes