Question
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. This year (2019), she sells the following long-term assets used in her
- Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. This year (2019), she sells the following long-term assets used in her business:
| Asset | Sales Price | Cost | Accumulated Depreciation |
| Building | $ 230,000 | $200,000 | $52,000 |
| Equipment | 80,000 | 148,000 | 23,000 |
Lilys taxable income before these transactions is $160,500. What is Lilys taxable income and tax liability for the current tax year?
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Making Sense Of Audit Business Side Of General Practice
Authors: Donald Sal Irvine
1st Edition
1870905121, 978-1870905121
