Lity Tucker (single) owns and operates a bike shop as a sole proprietorship In 2018, she sells the following long term assets used in her business Accumulated st Depreciation Building $233,000 $203,000 $55,e00 Equipment 83,000 151,000 26,000 Lily's taxable income before these transactions is $163,500 What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) 3 Answer is complete but not entirely correct. Taxable income S 206,500 Tax liability 2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 9,525 $ 38,700 $ 82,500 $157,500 $200,000 $500,000 110% of taxable income | $952.50 plus 12% of the excess over $9,525 | $4,453.50 plus 22% of the excess over $38,700 | $14,089.50 plus 24% ofthe excess over $82,500 | $32,089.50 plus 32% of the excess over $157,500 | $45,689.50 plus 35% of the excess over $200,000 $150,689.50 plus 37% of the excess over $500,000 0 S 9,525 S 38,700 82,500 $157,500 $200,000 $500,000 Loss Ordinary 3 12s Popesty Pesonal propet and -Recapture 1ss.degounire cognized or amocatzable intangtble assets accomuloted deprcciation osses ane ordinory on thezet caegar Lecaptored awous equals ordinary deprecations less then aoun S LTCe