Haibo Corp has engaged you to provide tax consulting services to forecast the company$$s $2024$Illinois taxable income. Other than Illinois, the only other state that Haibo Corp has taxablenexus with is Texas. Texas is the state of commercial domicile for Haibo Corp. During the $2024$tax year, Haibo Corp anticipates US federal taxable income $($i$.$e$.,$ Form $1120,$ line $30)$ of$$2,500,000.$ The following additional projected items are provided to you for purposes ofcomputing Illinois taxable income:Section $168($k$)-100\%$ bonus depreciation $$100,000$Illinois income tax expense $60,000$Texas margin tax expense $40,000$Interest income $-$ U$.$S$.$ obligations $10,000$Interest income $$ Various state$/$local muni bonds $5,000$Section $951$A $-$ GILTI inclusion income $15,000$Section $163($j$)$ business interest expense $20,000$Section $172-$ federal NOL deduction $15,000$Illinois net operating loss carryover $25,000$Gain on sale of partnership interest$*150,000*$ The $$150,000$ gain on sale of partnership interest will be generated from Haibo Corp$$sexpected sale of Baltazar LP$.$ This gain was the first of its kind in Haibo Corp$$s existence $($i$.$e$.,$Haibo Corp does not regularly hold and sell interests in partnerships$).$ In addition, Haibo Corpwas solely a limited partner in Baltazar LP$,$ and thus did not have any management rights orcontrol over Baltazar LP$.$Based on the facts and information provided above, what is Haibo Corp$$s forecasted $2024$ Illinoistaxable income?Note: On separate form, provide your responses and all relevant calculations. Grading will be awarded

based on even partially correct reasoning and$/$or calculations.

Haibo Corp has engaged you to provide tax consulting services to forecast the company's $2024$

Illinois taxable income. Other than Illinois, the only other state that Haibo Corp has taxable

nexus with is Texas. Texas is the state of commercial domicile for Haibo Corp. During the $2024$

tax year, Haibo Corp anticipates US federal taxable income $($i$.$e$.,$ Form $1120,$ line $30)$ of

$$2,500,000.$ The following additional projected items are provided to you for purposes of

computing Illinois taxable income:

The $$150,000$ gain on sale of partnership interest will be generated from Haibo Corp's

expected sale of Baltazar LP$.$ This gain was the first of its kind in Haibo Corp's existence $($i$.$e$.,$

Haibo Corp does not regularly hold and sell interests in partnerships$).$ In addition, Haibo Corp

was solely a limited partner in Baltazar LP$,$ and thus did not have any management rights or

control over Baltazar LP$.$

Based on the facts and information provided above, what is Haibo Corp's forecasted $2024$ Illinois

taxable income?