QUESTION 33 TamTam, Inc. a calendar year corporation, reported $5,000,000 net income before tax on its financial statements prepared in accordance with GAAP. The corporation's records reveal the following information: a. Tam Tam received a $120,000 insurance reimbursement for the theft of equipment with a $132,000 book basis and a $58,000 basis. Tam Tam used $95,000 to replace the equipment. b. Tam Tam exchanged $600,000 worth of investment real estate with a $250,000 book and taxis for commercial real estate with a $600,000 FMV. c. Tam Tam's book income included $100,000 of dividends received from a domestic corporation in which TamTam owns a 30 percent stock interest. d. Tam Tam sold a building to the company's sole shareholder for $823,000 Tam Tam's tax basis in the building was $577,000 and its book basis was $664,000. Using the information above, calculate TamTam's taxable income for the current year. Show your book income reconciliation.