Lily Tucker (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................$ 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?