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 Building $247,700 $211,500 $69,500 Equipment $95,500 $177,600 $26,700 Lily's taxable income before these transactions is $222,000. 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 final answers to the nearest whole dollar amount.) Taxable Income = Tax Liability =
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 Building $247,700 $211,500 $69,500 Equipment $95,500 $177,600 $26,700 Lily's taxable income before these transactions is $222,000. 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 final answers to the nearest whole dollar amount.) Taxable Income = Tax Liability =
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 55P
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Transcribed Image Text: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 Building $247,700 $211,500 $69,500 Equipment $95,500 $177,600
$26,700 Lily's taxable income before these transactions is $222,000.
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 final answers to the nearest whole dollar amount.)
Taxable Income =
Tax Liability =
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