The following information for 2009 relates to Sparrow Corporation, a calendar year, accrual method taxpayer.

Net income per books (after tax) $174,100

Federal income tax expense per books 86600

Tax-exempt interest income 4500

MACRS depreciation in excess of straight-line depreciation used for financial statement purposes 7200

excess of captal loss over capital gain 9400

nondeductable meals and entertainment 5500

Interest on loan to purchase tax-exempt bonds 1100

Based on the above information, used schedule M-1 of form 1120, which is available on the IRS web site, to determine Sparrows taxable income for 2009.