A Company constructs a new production shed (section 1250 asset) at a cost of $3,500,000 and chooses sum-of-the-years depreciations with a life of 15 years. the salvage value of the shed is 350,000. Without considering the sale of the shed the Company's taxable income is 15,000,000, determine the following if the asset is sold after 7 years a) The federal tax liability of the asset is sold for $1,500,000 b) The federal tax liability of the asset is sold for $1,000,000 c) The federal tax liability of the asset is sold for $2,250,000