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Shimmer Incorporated is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset Sales Price Cost Accumulated Depreciation Building $ 733,000 $
Shimmer Incorporated is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset Sales Price Cost Accumulated Depreciation Building $ 733,000 $ 719,000 $ 51,000 Sparkle Corporation stock 159,000 224,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $805,000. What are Shimmer's taxable income and tax liability for the year?
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