A corporation has $400,000 of before-tax income. In determining this, the corporation included $50,000 from an insurance policy paid because of the controller's death. $4,000 of premiums on other key-person life insurance policies, $10,000 interest on State of Nevada bonds, an addition of 5,000 to its bad debt resents (bad debt expense was $20,000). and book depreciation of $34,000. The corporation's tax depreciation is $29,000. Calculate the corporation's taxable income.

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