TBS 4 Wright Corporation reported $100,000 of book income before income taxes for the year ended December 31, 2021. The income statement disclosed the following information: Christmas gifts to 40 customers at $100 each Dividends of $20,000 received from Morley, Ltd., a 20%-owned corporation that is not subject to United States income tax Insurance premiums of $15,000 on a policy insuring the life of the president of the corporation, under which Wright Corporation is the beneficiary What should Wright report as its taxable income for 2021