The Loquat Corporation has book net income of $$76,600$ 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

$$11,490$

Depreciation deducted on the books which is not deductible

$15,320$

for tax purposes

Deduction for $50$ percent of meals expense which is not

$6,894$

allowed for tax purposes

Deduction for entertainment not allowed for tax purposes

$3,064$

Tax$-$exempt interest income included in book income but not

$4,596$

in tax income

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

$