N is a sole proprietor of a business in the current year

Reference no: EM13597465

N is a sole proprietor of a business. In the current year, the business had gross income of $15,000 and operating expenses of $9,750. In May, N sold a capital asset that had been held by the business 14 months for a $750 loss. During the year, he withdrew $5,400 from the business for his personal living expenses. How much taxable income will N have to recognize this year?

Reference no: EM13597465

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