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QUESTION
TCO 2) Nancy formed Green Enterprises, a proprietorship, this year. In its first year, Green had operating income of $400,000 and operating expenses...
TCO 2) Nancy formed Green Enterprises, a proprietorship, this year. In its first year, Green had operating income of $400,000 and operating expenses of $240,000. In addition, Green had a long-term capital loss of $10,000. Nancy, the proprietor of Green Enterprises, withdrew $75,000 from Green during the year. Assuming Nancy has no other capital gains or losses, how does this information affect her taxable income for 2011?
