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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 $703,000 $657,000 $54,000
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 | $703,000 | $657,000 | $54,000 |
| Sparkle Corporation Stock | 138,000 | 246,000 | n/a |
Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $820,000.
What are Shimmer's taxable income and tax liability for the year? (New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change.)
| ANSWERS | |
| Taxable income | $----? |
| Tax Liability | $-----? |
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