U.S. Corporation Income Tax Return

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Prime Corp. is an accrual-basis, calendar-year C corporation. Its current-year reported book income before federal income taxes was $300,000, which included $17,000 corporate bond interest income.
A $20,000 expense for term life insurance premiums on corporate officers was incurred. Prime was the policy owner and beneficiary. What was Prime’s current-year taxable income as reconciled on Prime’s Schedule M-1, Reconciliation of Income (Loss) per Books With Income per Return, of Form 1120, U.S. Corporation Income Tax Return?

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