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 $160,500.what are lily's taxable income and tax liability for the year? use tax rate schedule for reference. (do not round intermediate calculations.
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Lily tucker (single) owns and operates a bike shop as a sole proprietorship. this year, she sells th...
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