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What are Lilys taxable income and tax liability for the year

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Question - 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

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.

Reference no: EM133107315

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