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Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2019, she sells the following long- term asse
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Gain/loss on building= $230000-(200,400-52,400)=$82,000

Gain/loss on equipment= $80,400-(148,400-23,400)= ($44,600)

Net gain /loss= $37,400

Total taxable income= $37,400+190,900

=$ 228,300

Tax liability= (190900-85650)*28%+17,442

=29,470+17,442

= $46,912

Capital gain=$37,400*25%

=$ 9350

Total tax liability= $46912+9350

= $ 56,262

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