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 Building Equipment Sales Price $231,600 81,600 Cost $ 201,600 149,600 Accumulated Depreciation $53,600 24,600 Lily's taxable income before these transactions is $192,100.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.) X Answer is complete but not entirely correct. Amount Description Taxable income $ 232,300 62,948 Tax liability $

Answer 1

The amount of Taxable income and tax liability is as follows:
these kenning Computation of dahon of foreble Income ang maus Amt) 19 20 Toxable Income before lepetal Cams Laptel La of Budding Cales consideration 231600 cost of Acquisition accumulated sep $53 bed 2 On sale of suipment saw consideration - {81,600 sen Cost of Acquisson : Led Accumulated sep Wet Paxable Incaine 23230

AMA Particulars Tox on Capital Gaine [6483,600 – $43,400)-# 40.000] Xısı. 30 Tas on Normal Income $ 9815_LOG 9.87 (940125 139.875) X 1237 2.6.30 († 85 525 $ 40,125) x 224 ( $113300 $ 85.525) x 24-7 $169,200)x394_9_216 Net Tax he ability Rounded off 42 ELIAS 42,518