Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2018, she sells the following long-term assets used in her business: Sales Asset Price Cost Building $234,200 $204,200 Equipment 84,200 152,200 Accumulated Depreciation $56,200 27,200 Lily's taxable income before these transactions is $164,700. 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.)

Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2020: Gross receipts from business $144,000 Business expenses 180,000 Net capital gain 22,000 Interest income 3,000 Itemized deductions (state taxes, residence interest, and contributions) 24,000 a.  Determine Mario's taxable income or loss for 2020. Adjusted gross income   Less: itemized deductions   Less: Deduction for qualified business income   Loss    b. Indicate which items are adjustments to taxable income or loss when computing an NOL. Business receipts   Business Expenses   Net capital gain   Interest income   Itemized deductions   c.  Determine Mario's NOL for 2020. Mario's NOL is ?

Dan's business has accounting income after tax expense of $10,000. Tax expense recorded for accounting totaled $1,000. Dan has also expected Meals and entertainment of $500 and property taxes of $2,000. Calculate Dan's taxable income. 11,250 11,500 13,250 10,250

Derek purchases a small business from Art on August 30, 2022. He paid the following amounts for the business: Fixed assets Goodwill Covenant not to compete Total $256,600 51,320 64,150 $372,070 a. How much of the $372,070 purchase price is for Section 197 intangible assets? b. What amount can Derek deduct on his 2022 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not days, in your computations.