The Loquat Corporation has book net income of $231,400 for the current year. Included in this figure are the following items, which are reported on the corporation's Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return.

	Federal income tax expense	$34,710
	Depreciation deducted on the books which is not deductible for tax purposes	46,280
	Deduction for 50 percent of meals expense which is not allowed for tax purposes	20,826
	Deduction for entertainment not allowed for tax purposes	9,256
	Tax-exempt interest income included in book income but not in tax income	13,884

Calculate Loquat Corporation's taxable income for the current year based on the information given.