The Loquat Corporation has book net income of $92,800 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	$13,920
	Depreciation deducted on the books which is not deductible for tax purposes	18,560
	Deduction for 50 percent of meals expense which is not allowed for tax purposes	8,352
	Deduction for entertainment not allowed for tax purposes	3,712
	Tax-exempt interest income included in book income but not in tax income	5,568

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