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please complete both for upvote QUESTION 8 Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. This year, she sells the
please complete both for upvote
QUESTION 8 Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. This year, she sells the following long-term assets used in her business: Asset Sales Price Cost Accumulated Depreciation $52,000 $225,000 $200,000 Building Equipment 80,000 148.000 23,000 Lily's taxable income before these transactions is $190,500. What is Lily's tax liability for the year? QUESTION 9 Metro Corp. traded land A for land B. Metro originally purchased land A for $50,000 and land A's adjusted basis was $25,000 at the time of the exchange. The fair market value of land A and of land B is $43,000. The exchange qualifies as a like-kind exchange. What is Metro's recognized gain or lossStep by Step Solution
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