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 $698,000 $667,000 $24,500 Sparkle Corporation stock 218,000 273,500 n/a

Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $874,000. What are Shimmer's taxable income and tax liability for the year?