Problem 3-48 (LO 3-3, LO 3-4, LO 3-5) (Algo) Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2022, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $ 234,600 84,600 Description Taxable income Tax liability Cost $ 204,600 152,600 Lily's taxable income before these transactions is $195,100. 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. $ Amount Accumulated Depreciation 241,300 $ 56,600 27,600

Problem 3-48 (LO 3-3, LO 3-4, LO 3-5) (Algo) Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2022, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $ 234,600 84,600 Description Taxable income Tax liability Cost $ 204,600 152,600 Lily's taxable income before these transactions is $195,100. 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. $ Amount Accumulated Depreciation 241,300 $ 56,600 27,600

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges

Section: Chapter Questions

Problem 13P

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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.)
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