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	$728,000	$709,000	$35,500
Sparkle Corporation stock	210,000	269,000	n/a

Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $809,000.

What are Shimmer's taxable income and tax liability for the year? (Assume a Corporate income tax rate as 21%.)

TAXABLE INCOME
TAXABLE LIABILITY

Answer rating: 100% (QA)

ANS WER Sh immer s taxable income would be 809 000 Its tax l... View the full answer