This Company is a Private C Corporation (which means there is no limit to how much executive compensation you may deduct for tax purposes). The company provided us with the following profit and loss details for the year ended 2022. Please note that any accrued 3rd party consulting fees are not deductible for tax purposes this year (2022), but will be deductible when paid in the future. Also, depreciation for tax purposes is $22,500,000 for the year (2022). Please assume this company is not subject to state or other non federal taxes. Use a 21% tax rate.

1. What is the Company's Taxable income?

Revenue	$ 60,000,000
Bond Interest Income - Corporate	$ 1,500,000
Bond Interest Income - Municipal (State)	$ 2,000,000
Total Income	$ 63,500,000
Office Supplies	$ 1,500,000
Salaries (Non Exec)	$ 13,000,000
Exec Compensation - CEO	$ 9,000,000
Exec Compensation - CFO	$ 3,500,000
Exec Compensation - Other	$ 900,000
Depreciation	$ 17,000,000
Accrued 3rd Party Consulting Fees	$ 1,650,000
Fines/Penalties	$ 1,200,000
Meals	$ 2,300,000
Entertainment	$ 1,850,000
Interest Expense	$ 1,000,000
Total Expenses	$ 52,900,000
Income Before Taxes	$ 10,600,000
Tax Expense
Net Income	$ 10,600,000