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

$\backslash$table$[[$Asset$,$Sales Price,,Cost,$\backslash$table$[[$Accumulated$],[$Depreciation$]]],[$Building$,$$ $650,000,$$$,642,000,$$ $37,000],[$Sparkle Corporation stock,$130,000,,175,000,$n$/$a$]]$

Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $$800,000.$

What are Shimmer's taxable income and tax liability f$$r the year?

$\backslash$table$[[$Description$,$Amount$],[$Taxable income,dotsdotsdotsdotsdotsdots