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 $ 232,000 82,000 Cost $202,000 150,000 Accumulated Depreciation $ 54,000 25,000 Lily's taxable income before these transactions is $192,500. 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. Answer is complete but not entirely correct. Description Taxable income Tax liability Amount 233,500 70,319

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 $ 232,000 82,000 Cost $202,000 150,000 Accumulated Depreciation $ 54,000 25,000 Lily's taxable income before these transactions is $192,500. 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. Answer is complete but not entirely correct. Description Taxable income Tax liability Amount 233,500 70,319

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 44P

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