### Business for personal living expenses

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Mac is the owner of Maid in Arizona Cleaning Service (MACS). This year, the company had gross income of \$300,000 and operating expenses of \$195,000. In July, MACS sold a capital asset that had been held by the business for two years for a \$15,000 loss. During the year, Mac withdrew \$93,000 from the business for his personal living expenses. Assuming MACS is a sole proprietorship, how do these transactions affect Mac's taxable income for the year?

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