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 employees10,250

Tax-exempt interest received3,000

Dividends received from IBM5,000

Depreciation(X purchased 5-year property in current

Year for $14,000; assume the property have a 7-year

Class life; no Section 179 election was made and X

Elected not to take the special depreciation allowance

In Section 168(k))2,800

LTCG on a sale of stock2,500

LTCL on a sale of stock5,000

LTCL carryover from prior years1,000

Estimated federal income taxes paid800

Determine Xs taxable income for the current year and its current earnings and profits?