Owner's Draw?

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Nov 29, 2014
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Owner's Draw booked to Bal. Sht. under Owner's Equity results in income on the income statement, which is taxable. But owner reports the draw on his personal income tax. Isn't that amount being taxed twice?
 
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Why is this treated being as taxable? Draws are normally considered a nontaxable return of basis, so no tax should result.
 

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