Shimmer Inc. is a calendar-year-end, accrual method corporation. This year, it sells the following long-term assets:

Asset	Sales Price	Cost	Accumulated Depreciation
Building	$670,000	$653,000	$31,000
Sparkle Corporation stock	229,000	281,000	n/a

Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $893,000.

What are Shimmer's taxable income and tax liability for the year? Use Corporate Tax Rate Table.

Corporate Income Tax Rates Taxable Income Tax $50,000 $50,000-$75,000 $75,000-$100,000 $100,000-$335,000 $335,000-$10,000,000 $10,000,000-$15,000,000 $15,000,000-$18,333,333 Over $18,333,333 15% of the taxable income $7,500 + 25% of taxable income over $50,000 $13,750 + 34% of taxable income over $75,000 $22,250 + 39% of taxable income over $100,000 $113,900 + 34% of taxable income over $335,000 $3,400,000 + 35% of taxable income over $10,000,000 $5,150,000 + 38% of taxable income over $15,000,000 35% of the taxable income