Please help! Lily Tucker (single) owns and operates a bike shop as a sole...
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Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2021, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $ 230,000 80,000 Cost $ 200,000 148,000 Accumulated Depreciation $ 52,000 23,000 Lily's taxable income before these transactions is $190,500. 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 final answers to the nearest whole dollar amount.) Description Amount Taxable income $ 227,500 Tax liability
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