What are lily taxable income and tax liability for year

Reference no: EM13125434

Lily, 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 $304,800 $272,000 $70,000
Equipment 103,000 188,600 30,400

Lily's taxable income before these transactions is $162,000.

What are Lily's taxable income and tax liability for the year?

Taxable income $
Tax liability $

Reference no: EM13125434

Questions Cloud

Elucidate how the use of the losses in part a : Elucidate how the use of the losses in Part a would change if instead Raider were a partnership, and Monte and Allie were partners who shared profits, losses, and liabilities equally.

Explain working with temperature and gas : Working with Temperature and Gas 1. What is the final temperature if 25 mL of milk 3.0 degrees Celsius is mixed with 150 mL of coffee at 95 degrees Celsius? Start by writing the equation that shows conservation of energy. State any assumptions you..

What mass of ch3co2h is required : what mass of CH3CO2H is required to prepare 100.00ml of a 0.48M acetic acid solution?

Write a paper on "No child left behind" : Write a research paper on No Child Left Behind

What are lily taxable income and tax liability for year : What are Lily's taxable income and tax liability for the year?

Illustrate what amount of loss will black corporation : At the time of the liquidating distribution, the land had a fair market value of $100,000. Illustrate what amount of loss will Black Corporation recognize on the distribution of the land?

Explain molecular and empirical formulas : Explain Molecular and Empirical Formulas, Ibuprofen, a headache remedy, contains 75.69% C, 8.80% H and 15.51% O by mass, and has a molar mass of 206g/mol.

What is the value of the consumers surplus : Find the total revenue of the monopolist when it sells 6 units of the commodity without practicing any form of price discrimination. What is the value of the consumers' surplus?

Systems of equations-five word problems : Determine 2 numbers such that the difference of its squares is 120 and the sum is 6. If I have 30 coins of two kinds 5 cents and 1 cent can I have a total of 78? A rectangle has a perimeter of 392 m calculate its dimensions if the length is 52 m long..

User Account

All Pages