Timpanogos Incorporated is an accrual$-$method, calendar$-$year corporation. For $2023,$ it reported financial statement income after taxes of $$1,491,050.$ Timpanogos provided the following information relating to its activities for the year:

Life insurance proceeds as a result of CEO's death $ $222,000$

Revenue from sales $($for both book and tax purposes$)2,220,000$

Premiums paid on the key$-$person life insurance policies. The policies have no cash surrender value. $23,200$

Charitable contributions $199,800$

Cost of goods sold for book and tax purposes $333,000$

Interest income on tax$-$exempt bonds $44,400$

Interest paid on loan obtained to purchase tax$-$exempt bonds $49,950$

Rental income payments received and earned in $202317,200$

Rental income payments received in $2022$ but earned in $202311,100$

Rental income payments received in $2023$ but not earned by year$-$end $33,300$

Tax depreciation $60,500$

Book Depreciation $27,200$

Net capital loss $46,400$

Federal income tax expense for books $344,100$

Required:

Compute Timpanogos Incorporated's tax liability.

Compute Timpanogos Incorporated's tax liability.

Tax liability