Question: Problem 1 1 - 4 8 ( LO 1 1 - 3 , LO 1 1 - 4 , LO 1 1 - 5 )

Problem 11-48(LO 11-3, LO 11-4, LO 11-5)(Algo) Lily Tucker (single) owns

Problem 11-48(LO 11-3, LO 11-4, LO 11-5)(Algo)
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2023, she sells the following long-term assets used in
her business:
Lily's taxable income before these transactions is $193,500. What are Lily's taxable income and tax liability for the year? Use Tax Rate
Schedule for reference.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
and operates a bike shop as a sole proprietorship. In 2023, she

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