The following information for 2009 relates to Sparrow Corp a calander year accural method taxpayer. Net income per books after-tax $134,700 Federal income tax expense per books 59,300 Tax exempt interest income 6,000 MACRS depreciation in excess of straigt-line depreciation used for financial statement purposes 8000 Charitable contribution in excess of taxable income limiation 7000 Premiums paid on life insurance policy on the president (Sparrow is beneficiary) 5000 Interest on loan to purchase tax-exempt bonds 3000 Based on the above information use Schedule M-1 of Form 1120which is available on the IRS web site to determine Sparrow's taxable income for 2009