Business, 20.07.2020 19:01, taheraitaldezign

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 $230,000 $200,000 $52,000 Equipment 80,000 148,000 23,000 Lily's taxable income before these transactions is $190,500.What is Lily's tax liability for the year?

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