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What are shimmers taxable income and tax liability

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Reference no: EM132326044

Question :

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                        $698, 000   $667,000    $24, 500

Sparkle Corporation stock 218, 000  285, 000     n/a

Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $874,000.

What are Shimmer's taxable income and tax liability for the year?

Reference no: EM132326044

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