X Corporation is a cash method, calendar year taxpayer. During the current year, X has the following income and expenses:

Gross profits from sales $20,000

Salaries paid to employees $10,250

Tax exempt interest received$3,000

Dividends received from IBM $5,000

Depreciation (X purchased 5year property in the current year for $14,000 ( 7 year class life; no 179 election was made and x elected not to take special depreciation allowance in Section 168(k) $2,800

LTCG on a sale of stock $2,500

LTCL on a sale of stock $5,000

LTCL carryover from prior years $1,000

Estimated Federal income taxes paid $800

Determine X's taxable income for the current year and its current earning and profits.