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 $ 233, 400 83,400 Description Taxable income Tax liability Cost $ 203,400 151,400 Lily's taxable income before these transactions is $193,900. 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. Accumulated Depreciation $ 55,400 26,400 Amount
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 $ 233, 400 83,400 Description Taxable income Tax liability Cost $ 203,400 151,400 Lily's taxable income before these transactions is $193,900. 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. Accumulated Depreciation $ 55,400 26,400 Amount
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter18: Comparative Forms Of Doing Business
Section: Chapter Questions
Problem 36P
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Transcribed Image Text: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
$ 233, 400
83,400
Description
Taxable income
Tax liability
Cost
$ 203,400
151, 400
Lily's taxable income before these transactions is $193,900. 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.
Accumulated
Depreciation
$ 55,400
26,400
Amount
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