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

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Question

Accounting

Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. This year, she sells the following long-term assets used in her business:

Asset

Sales Price

Cost

Accumulated Depreciation

Building

$ 240,000

$200,000

$52,000

Equipment

80,000

148,000

23,000

Lilys taxable income before these transactions is $160,500. What is Lilys tax liability for the year?

USE 2018 TAX RATE SCHEDULE FOR SINGLE TAX PAYER

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