The following information for 2017 relates to Sparrow Corporation, a calendar year, accrual method taxpayer.

Net income per books (after-tax) $205,050

Federal income tax expense per books 55,650

Tax-exempt interest income 4,500

MACRS depreciation in excess of straight-line depreciation used for financial statement purposes 7,200

Excess of capital loss over capital gains 9,400

Nondeductible meals and entertainment 5,500

Interest on loan to purchase tax-exempt bonds 1,100

Cash dividend $150,000 paid

Unappropriated retained earnings as of January 1, 2017 $796,010.

Based on the above information, use Schedule M1/ M-2 of Form 1120, which is available on the IRS website, to determine Sparrows taxable income for 2017.