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Norma formed Hyacinth Enterprises, a proprietorship, in 2010. In its first year, Hyacinth had operating income of $200,000 and operating expenses of $100,000. In addition, Hyacinth had a long-term capital loss of $9,000. Norma, the proprietor of Hyacinth Enterprises, withdrew $50,000 from Hyacinth during the year. Assuming Norma has no other capital gains or losses, how does this information affect her taxable income for 2010?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9272850

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