William Cleans had the following items of income/expense during 2022:

Sales Revenue 800,000

Interest on City of Wichita bonds 50,000

Operating Expenses (all tax-deductible) 275,000

Meals expenses 50,000

Depreciation book purposes 40,000

Cost recovery allowance for tax purposes 80,000

Loss on sale of truck to Williams brother 20,000

Fines to the U.S. government for violation of safety standards 5,000

Political contribution to the State Senate campaign 6,000

Transportation and lodging expenses influence federal 3,000

legislation that may affect business

(1) What is the income per books for Williams Cleans in 2022?

(2) What is the income subject to taxation for Williams Cleans in 2022?

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