Shimmer Inc is a calendar year end, accrual method corporation. This year its sells the following long term assets:
Assets Sales Price Cost Acc. Depr
Building $230,000 $200,000 $52,000
Equipment $ 80,000 $148,000 $23,000
Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $800,000. What are Shimmer's taxable income and tax liability for the year?