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

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	$744,000	$724,000	$37,500
Sparkle Corporation stock	173,000	230,500	n/a

Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $887,000.

What are Shimmer's taxable income and tax liability for the year?

Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $887,000.

What are Shimmer's taxable income and tax liability for the year?