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What are lily taxable income and tax liability for the year

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Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2020, 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

Problem 1: Lily's taxable income before these transactions is $190,500. 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 final answers to the nearest whole dollar amount.)

Reference no: EM132668814

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