SEP, a calendar year corporation, reported $918,000 net income before tax on its current year financial statements prepared in accordance with GAAP. The corporation's records reveal the following information - SEP incurred $75,000 of domestic research costs that resulted in a new 17 -year patent for the corporation. SEP expensed these costs for book purposes. - SEP's depreciation expense per books was $98,222 and its MACRS depreciation deduction was $120,000 - SEP was organized two years ago. For its first taxable year, it capitalized $27,480 start-up costs and elected to amortize them over 180 months. For book purposes, it expensed the costs in the year incurred. Required: Compute SEP's taxable income. Note: Amounts to be deducted should be indicated with o minus sign. Do not round intermediate computotions. Rourly final onswers to the nearest whole dollor. Answer is complete but not entirely correct