Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. This year, she sells
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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 is Lily's taxable income and tax liability for the year?
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Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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