Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2020, she sells
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Question:
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2020, 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
Lily's taxable income before these transactions is $190,500. What are Lily's taxable income and tax liability for the year? UseTax Rate Schedulefor reference.(Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)
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