The following information for 2015 relates to Sparrow Corporation, a calendar year, accrual method taxpayer.

Net income per books (after-tax) …………………………………$174,100

Federal income tax per books …………………………………… 86,600

Tax-exempt interest income ………………………………………    4,500

MACRS depreciation in excess of straight-line depreciation used

for financial purposes …………………………………………….  7,200

Excess of capital loss over capital gains …………………………    9,400

Nondeductible meals and entertainment …………………………    5,500

Interest on loan to purchase tax-exempt bonds ……………………  1,100

Based on the above information, use Schedule M–1 of Form 1120, which is available on the IRS website, to determine Sparrow’s taxable income for 2015.