The following information for 2021 relates to Sparrow Corporation, a calendar year, accrual method taxpayer:

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 2021.

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Net income per books (after-tax) Federal income tax per books Tax-exempt interest income MACRS depreciation in excess of straight-line depreciation used for financial purposes Excess of capital loss over capital gains Nondeductible meals and entertainment Interest on loan to purchase tax-exempt bonds $205,050 55,650 4,500 7,200 9,400 5,500 1,100