The company l. b. menielle, inc. had sales of $5 million, with a gross profit of $3 million. Operating costs were $1 million and it had interest and dividend income of $20,000 and $25,000, respectively. Interest paid was $100,000. The firm sold shares twice in the same year, making a profit of $40,000 on the first trade and a loss of $50,000 on the second trade. The shares sold in the first operation had been held by the company for 4 years and the shares sold in the second operation had been purchased three months before the sale. Calculate the company's tax liability.