The accounting records of Steven Corp., a real estate developer, indicated income before income tax of $$850,000$ for its year ended December $31,2023,$ and of $$525,000$ for the year ended December $31,2024.$ The following data are also available.

Steven pays an annual life insurance premium of $$11,000$ covering the top management team. The company is the named beneficiary.

The carrying amount of the company$$s property, plant, and equipment at January $1,2023,$ was $$1,256,000,$ and the UCC at that date was $$960,000.$ Steven recorded depreciation expense of $$175,000$ and $$180,000$ in $2023$ and $2024,$ respectively. CCA for tax purposes was $$192,000$ and $$153,600$ for $2023$ and $2024,$ respectively. There were no asset additions or disposals over the two$-$year period.

Steven deducted $$211,000$ as a restructuring charge in determining income for $2022.$ At December $31,2022,$ an accrued liability of $$199,500$ remained outstanding relative to the restructuring, which was expected to be completed in the next fiscal year. This expense is deductible for tax purposes, but only as the actual costs are incurred and paid for. The actual restructuring of operations took place in $2023$ and $2024,$ with the liability reduced to $$68,000$ at the end of $2023$ and to $$0$ at the end of $2024.$

In $2023,$ property held for development was sold and a profit of $$52,000$ was recognized in income. Because the sale was made with delayed payment terms, the profit is taxable only as Steven receives payments from the purchaser. A $10\%$ down payment was received in $2023,$ with the remaining $90\%$ expected in equal amounts over the following three years.

Non$-$taxable dividends of $$3,250$ in $2023$ and of $$3,500$ in $2024$ were received from taxable Canadian corporations.

In addition to the income before income tax identified above, Steven reported a before$-$tax gain on discontinued operations of $$18,800$ in $2023.$

A $30\%$ rate of tax has been in effect since $2021.$