Sunshine Corporation paid $19,000 in organizational expenses when it formed at the end of 2019. During the current year (2020), the corporation had the following income and expenses:

Net sales from operations

$450,000

Dividends received (Leonard owned 25% of this corp.)

50,000

Operating expenses

125,000

In addition, the corporation had the following transactions during the current year:

On February 1, the corporation contributed inventory that had been held for two years to a qualified charitable organization. At the time of the contribution, the inventory had a basis of $60,000 and a fair market value of $53,000.

On March 1, the corporation sold stock in White Corporation for $300,000. Leonard had purchased these shares in 2017 for $350,000.

On June 30, the corporation sold a manufacturing warehouse for $250,000. The warehouse was purchased in 2016 for $240,000 and depreciation of $35,000 was taken.

Determine the corporation's taxable income. Also, note any carryovers that apply and the terms of the carryovers.