Problem 11-48 (LO 11-3, LO 11-4, LO 11-5) (Algo) 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 $ 230,400 80,400 Cost $ 200,400 148,400 Accumulated Depreciation $ 52,400 23,400 Lily's taxable income before these transactions is $190,900. 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 answers to the nearest whole dollar amount.) > Answer is complete but not entirely correct. Description Amount Taxable income $ 228,700 Tax liability $ 37,800

Problem 11-48 (LO 11-3, LO 11-4, LO 11-5) (Algo) 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 $ 230,400 80,400 Cost $ 200,400 148,400 Accumulated Depreciation $ 52,400 23,400 Lily's taxable income before these transactions is $190,900. 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 answers to the nearest whole dollar amount.) > Answer is complete but not entirely correct. Description Amount Taxable income $ 228,700 Tax liability $ 37,800

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges

Section: Chapter Questions

Problem 13P

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