Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2023, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $ 233,400 83,400 Description Taxable income Tax liability Cost $ 203,400 151,400 Lily's taxable income before these transactions is $193,900. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Accumulated Depreciation $ 55,400 26,400 Amount
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2023, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $ 233,400 83,400 Description Taxable income Tax liability Cost $ 203,400 151,400 Lily's taxable income before these transactions is $193,900. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Accumulated Depreciation $ 55,400 26,400 Amount
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter18: Comparative Forms Of Doing Business
Section: Chapter Questions
Problem 36P
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![Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2023, she sells the following long-term assets used in
her business:
Asset
Building
Equipment
Sales Price
$ 233,400
83,400
Description
Taxable income
Tax liability
Cost
$ 203,400
151,400
Lily's taxable income before these transactions is $193,900. What are Lily's taxable income and tax liability for the year? Use Tax Rate
Schedule for reference.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
Accumulated
Depreciation
$ 55,400
26,400
Amount](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe407a423-3f41-421e-803d-cf16050a22fd%2F6f9246e1-a402-48be-85b3-918e71289503%2Fvq5zr5d_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2023, she sells the following long-term assets used in
her business:
Asset
Building
Equipment
Sales Price
$ 233,400
83,400
Description
Taxable income
Tax liability
Cost
$ 203,400
151,400
Lily's taxable income before these transactions is $193,900. What are Lily's taxable income and tax liability for the year? Use Tax Rate
Schedule for reference.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
Accumulated
Depreciation
$ 55,400
26,400
Amount
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