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 5-year property in the current year for $7,000; assume the property was fully expensed under $168(k) $ 7,000 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 earnings and profits