Norma the proprietor of hyacinth enterprises withdrew 50000, Ask an Expert

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Norma formed Hyacinth Enterprises, a proprietorship, in 2009. 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 2009?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9102742

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