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Thanks for any possible help! Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Accumulated Asset Sales Price Cost

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Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Accumulated Asset Sales Price Cost Depreciation Building Sparkle Corporation stock 135,000 230,000 $748,000 $710,000 $42,500 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $806,000. 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.) Taxable income Tax liability

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