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If someone’s income is $40,000 net of taxes that means it is $40,000 after taxes have been deducted. If a business has net assets of $50,000, that means they have $50,000 after depreciation, the allowance for doubtful accounts, and other contra accounts have been subtracted. If they have a net loss of $5000, it means the loss after all the expenses have been deducted.

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