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In Year 4, Superior Corp. an accrual-basis calendar year corporation, reported book income of $500,000. Included in that amount was $25,000 of municipal bond interest income, $100,000 of federal income tax expense, $10,000 of political party contributions, and $8,000 of tax penalty paid as a result of the audit of the Year 1 tax return which was completed during Year 4. What amount should Superior Corp.'s taxable income be on the Form 1120, U.S. Corporation Income Tax Return for Year 4?
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