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Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2018,...

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Accounting

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: Asset Sales Price Cost Accumulated Depreciation Building $230,800 $200,800 $52,800 Equipment 80,800 148,800 23,800 Lily's taxable income before these transactions is $161,300. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference.

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