St George Inc reported $711,800 net income before tax on this year's financial statement prepared in accordance with GAAP The corporation's records reveal the following information Four years ago, St George realized $283,400 gain on a sale of investment property and elected the installment sale method to report the sale for tax purposes Its gross profit percentage is 50 12, and it collected $62,000 principal and $14,680 interest on the installment note this year Five years ago, St George purchased investment property for $465,000 cash from an LLC Because St George and the LLC were related parties, the LLCs $12,700 realized loss on sale was disallowed for tax purposes This year, St George sold the property to an unrelated purchaser for $500,000 A flood destroyed several antique carpets that decorated the floors of corporate headquarters Unfortunately, St Georges property insurance does not cover damage caused by rising water, so the loss was uninsured The carpets adjusted book basis was $36,000, and their adjusted tax basis was $28,400 Compute St Georges taxable income

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St. George Inc. reported $711,800 net income before tax on this year's financial statement prepared in accordance with GAAP. The corporation's records reveal the following

St. George Inc. reported $711,800 net income before tax on this year's financial statement prepared in accordance with GAAP. The corporation's records reveal the following information:

Four years ago, St. George realized $283,400 gain on a sale of investment property and elected the installment sale method to report the sale for tax purposes. Its gross profit percentage is 50.12, and it collected $62,000 principal and $14,680 interest on the installment note this year.
Five years ago, St. George purchased investment property for $465,000 cash from an LLC. Because St. George and the LLC were related parties, the LLCs $12,700 realized loss on sale was disallowed for tax purposes. This year, St. George sold the property to an unrelated purchaser for $500,000.
A flood destroyed several antique carpets that decorated the floors of corporate headquarters. Unfortunately, St. Georges property insurance does not cover damage caused by rising water, so the loss was uninsured. The carpets adjusted book basis was $36,000, and their adjusted tax basis was $28,400.

Compute St. Georges taxable income.