McCannon Inc. has been in operations for four years. The first three years it accumulated operating losses of $112800. In the fourth year it earned $42300 in operating income. In the current year, its fifth year, it had $28200 of operating income and $7050 of dividend income from Irving Inc. McCannon owns 15% of Irving Inc. 

What is McCannon's taxable income in the fourth year, assuming the 80% taxable income limit applies for all the years?